classify it as a sole proprietorship, a partnership, a corporation, or a limited liability company/limited liability partnership. Business Scenario Type of Business Alexander founded and operated a wedding planning agency, which specialized in celebrity weddings. When he died, his business was dissolved because there was no plan for control after his death. Sole Proprietorship Purple Consulting has five consultants in the firm. The company's annual revenue is around $500,000. Income is distributed among all consultants, and each is personally liable for claims if the company goes under Corporation LLC/LLP Rock Inc. is a mineral mining company. The CEO of Rock Inc. recently died. The news led to a short- term decline in the company's stock price, but it bounced back after the company announced its quarterly earnings Partnership Sole Proprietorship Sagar, Keanu, and Jose own an accounting firm in San Francisco. All share in the profits of the firm proportionately and file taxes at an individual level. According to their agreement, none of the owners will be held personally liable for the accounting firm's debt. Grade It Now Save & C Continue with