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.

Business Scenario

Type of Business

William founded and operated a wedding planning agency, which specialized in celebrity weddings. When he died, his business was dissolved because there was no plan for control after his death.

Purple Consulting has five consultants in the firm. The company's annual revenue is around $$500,000.$ Income is distributed among all consultants, and each is personally liable for claims if the company goes under.

Sabastian, the CEO of a beverage company, is required to certify the accuracy of information provided in the company's quarterly reports.

Selena and Mario run a law firm in Chicago. The firm has debt of $$100,000,$ but Selena and Mario will not be held personally liable for the law firm's debt.