ed liability (LLC), and limited liability Businesses can be classified into the following forms: sole proprietorship, partnership, corporation, l partnership (LLP). Different forms of businesses have different characteristics. Which of the following characteould app partnership? Check all that apply. Taxed at individual level Subject to unlimited personal liability Income is allocated on a pro rata basis Legal arrangement between two or more people can easily raise large amounts of capital Chartered by a state and is its own legal entity separate and distinct from its owners and managers 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 Andrew 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 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 DDX Co. is a shipping company. Caesar owned 1,000 shares of DDX stock. He found better opportunities and sold his entire stake in DDX to another investor. Caesar Rafael, 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