Different forms of businesses have different characteristics. Which of the following characteristics would apply to a partnership? Check all that apply. May operate as oral understandings X Subject to unlimited liability X Liability is allocated on a pro rata basis Legal arrangement between two or more people Chartered by a state and is its own entity separate from its owners Can easily raise large amounts of capital 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. Type of Business Business Scenario Radford and his friend Shirley run a carpet cleaning business and distribute the profits proportionately. Aakash, the CEO of a beverage company, is required to certify the accuracy of information provided in the company's quarterly reports. Ethan 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. 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