Sole proprietorship: A sole proprietorship is owned and operated by one individual. The owner reaps all profits and is responsible for all the debts of the business. General Partnership: A general partnership is a form of partnership where, the liability of all the partners is unlimited, joint, and several. Every partner has an equal right and it can be formed under the Partnership Act of 1932. Limited partnership: A limited partnership comprises both limited and full partners. 2. The protection which is conferred by a limited partnership leads to extra rules of law. Limited Liability Company (LLC): A limited liability company is a corporate structure that protects its investors from personal responsibility for its debts or liabilities. Limited Liability Partnership(LLP): It is capable of entering into contracts and holding property in its own name. The LLP is a separate legal entity, is liable to the full extent of its assets but liability of the partners is limited to their agreed contribution in the LLP. Corporation: A corporation is a business entity that is owned by its shareholder , who elect a board of directors to oversee the organization's activities. The corporation is liable for the actions and finances of the business . Was this answer helpful? 0 0 Questions viewed by other students Q: Explain the properties all of the forms of businessassociations from sole proprietor to s-corp, in thechapter. (list in an organized fashion and explain each in onesentence) Sole ProprietorshipGeneral PartnershipJoint VentureLimited PartnershipLimited Liability Company (LLC)Limited Liability PartnershipLimited Liability Limited PartnershipCorporationBusiness Trusts A: See answer 100% (1 rating) Q: Explain the properties all of the forms of business associations from sole proprietor to s-corp, in the chapter. (list in an organized fashion and explain each in one sentence) Sole ProprietorshipGeneral PartnershipLimited PartnershipLimited Liability Company (LLC)Limited Liability Partnership(LLP)Corporation