Different forms of businesses have different characteristics. Which of the following characteristics would apply to a limited liability company and a limited liability partnership? Check all that apply. Have corporate ownership structure Owners have limited liability and right to vote LLPs are not suitable for professional firms such as accounting, law, and architecture Limited financial liability Owned by single individual Taxed as a partnership 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. Business Scenario Andrew is self-employed and reports all of his income and expenses in his personal Income tax return. Rafael and his friend Shirley run a carpet cleaning business. They distribute the profits proportionately and file their individual taxes. 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. Paradigm Media is a company run by a group of new media professionals. The owners of the company do not have any personal liability and file taxes based on individual income. Type of Business Sole Proprietorship Partnership Sole Proprietorship Corporation LLC/LLP LLC/LLP