Different forms of businesses have different characteristics. Which of the following characteristics would apply to a partnership? Check all that apply. Income is allocated on a pro rata basis Taxed at individual level Can easily raise large amounts of capital Subject to unlimited liability Legal arrangement between two or more people Chartered by a state and is its own entity separate from its owners You come across different kinds of businesses every day. The following table describes some businesses. Using the description of each business, classify it as a sole proprietorship, a partnership, a corporation, or a limited liability company/limited liability partnership. Michael is self-employed and reports all of his income and expenses in his personal income-tax return. Tyler, the CEO of a beverage company, is required to certify the accuracy of information provided in the company's quarterly reports. Jackson started a business, based in a different state, with his uncle. Due to the business's underperformance, they had to close the business. Jackson, however, ended up losing his house due to a litigation claim. Selena and Mario run a law firm in Chicago. The firm has debt of $100,000, but Selena and Mario will not be held personally liable for the law firm's debt