/servlet/quizquiz action-takeQuiz&kquiz probGuid-ONAP0A80TO 4. Forms of business organizations Businesses can be classified into the folowing forms: proprietorship, partnership, corporation, limited liablity company (LLC), and limited liability partnership (LLP). Different forms of businesses have different characteristics. Which of the following characteristics belong to a partnership? Check all that apply. Profits and liability distributed according to a formal or informal agreement Personal assets possibly used to settle the debts of the business Easy transfer of ownership 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 (LUP/LLC). Business #1 Business #2 Jackson 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: Paradigm Media is a company run by a group of new media professionals. The owners of the company do not have any personal liablity and file taxes only on their individual tax returns. This is an example of O A corporation O An LLP/LLC O A propnetorship O A partnership O A partnership O A proprietorship O A corporation 5 6 7 8 9 0