State whether the following description is characteristic of (a) a Sole Proprietorship; (b) a Partnership; (c) a Corporation.

1. Which form of business organization would you select to protect the owners from liability?
2. This form of business organization is easily created, it is most often used for a start-up or small business. The owner is entitled to all profits and is personally liable for all obligations of the business.
3. This form of business is created under national law by the registration and filing of a charter (also called articles of incorporation or statute) which serves to establish the legal existence of the business.
4. The owners are agents and fiduciaries for the other owners. They jointly share profits or losses and have equal management rights.
5. In which form of business organization do the owner-investors NOT participate in management?
6. In this form, the owners are personally jointly liable for the debts of the business.
7. Which form is a creature of statute and an artificial legal person?
8. If you were establishing a joint venture in a foreign country, which form of business organization would you select for the joint venture company to protect the investors (owners) from liability?