Question 2 The characteristics below apply to at least one of the forms of business organization. als allowed to be owned by one person only. b. Owner or owners are personally liable for debts of the business. C. Is a business entity. d. May have a contract specifying the division of profits among the owners. e. Has an unlimited life. Required: Use the following format to indicate (with a "yes" or "no") whether or not a characteristic applies to each type of business organization. Proprietorship Partnership Corporation a b C d e