You come across different kinds of businesses every day. The following table describes some businesses. Using the description of each business, classify it as a sole proprietorship, a partnership, a corporation, or a limited liability company/limited liability partnership. Type of Business Sole Proprietorship LLC/LLP Business Scenario Jacob is self-employed and reports all of his income and expenses in his personal income tax return. Wilson started a business, based in a different state, with his uncle. Due to the business's underperformance, they had to close the business. Wilson, however, ended up losing his house due to a litigation claim. Rock Inc. is a mineral mining company. The CEO of Rock Inc. recently died. The news led to a short-term decline in the company's stock price, but it bounced back after the company announced its quarterly earnings. Paradigm Media is a company run by a group of new media professionals. The owners of the company do not have any personal liability and file taxes based on individual income. Corporation Partnership