* Forms of business organizations

Businesses can be classified into the following forms: sole proprietorship, partnership, corporation, limited liability company (LLC), and limited liability partnership (LLP).

Different forms of businesses have different characteristics. Which of the following characteristics would apply to a partnership? Check all that apply.

- Subject to unlimited personal liability

- Income is allocated on a pro rata basis

- Can easily raise large amounts of capital

- Taxed at individual level

- Chartered by a state and is its own legal entity separate and distinct from its owners and managers

- Legal arrangement between two or more people

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