For question #4 accurately answer each of the following:

Ch 01: Assignment-An Overview of Financial Management Businesses can be classified into the following forms: proprietorship, partnership, corporation, limited liability company (LLC), and limited liability partnership (LLP). Different forms of businesses have different characteristics. Which of the following characteristics belong to a proprietorship? Check all that apply. Profits taxed only once, at the individual (personal) level can easily raise large amounts of capital Subject to unlimited liability You see and read about different kinds of businesses every day. The following scenarios describe two businesses. Use the description of each business to classify it as a proprietorship, partnership, corporation, or limited liability partnership and/or limited liability company (LLP/LLC) Business #1 Business #2 Pablo and his friend, Shirley, run a carpet cleaning business. They distribute the profits proportionately and report their portion of the business's profits on their individual tax returns. This is an example of: Rudo, Pablo, and Jose own an accounting firm in San Francisco. All share in the profits of the firm proportionately and file taxes only at an individual level. According to their agreement, none of the owners will be held personally liable for the firms debts O A proprietorship O A partnership O An LLP/LLC O A corporation This is an example of: O A partnership O An LLP/LLC O A corporation O A proprietorship