Forms of business organizations 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. More easily created and less regulated Subject to unlimited liability Owned by single individual 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). Jackson and his uncle started a software development company. Without his uncle's knowledge, Jackson illegally used another company's code to meet the needs of a client. The resulting lawsuit closed the business and bankrupted both Jackson and his uncle. This is an example of: A partnership A Corporation A proprietorship An LLP/LLC Michael is self-employed and reports all of his business-related income and expenses on his personal tax return. This is an example of: An LLP/LLC A Partnership A Proprietorship A corporation