Exercise 1-6 Distinguishing business organizations LO C4 Consider the following separate situations, identify each as being a sole proprietorship, partnership, corporation, or limited liability company. Business Organization Description Lannister owns Wealth Management. The business is a separate legal entity and pays an additional business income tax. b. Harvey and Louis own NYC Law. Harvey and Louis are jointly liable for partnership debts. Physio Products does not pay income taxes and has one owner. The owner has unlimited liability for business debt. Oscar, Angela, and Kevin own Accounting Solutions. The business has an indefinite life and d. pays an additional business Income tax. Corporation Limited liability company Partnership Sole proprietorship . IBC Services does not have separate legal existence apart from the one person who owns it 1. AJ Company pays a business income tax and has two owners. Sansa and John own Snow Removal Services. The business does not pay an additional business income tax and the business has an indefinite life Miguel is the sole owner of Derr Homes, Miguel is personally liable for Derr Home's debt