The following describes different businesses. Mark each with the appropriate letter to indicate whether it would be categorized as a sole proprietorship (S), partnership (P), or corporation (C).
____ 1. Alan Cohen and Carol Palmer own Cohen and Palmer, CPAs, an accounting firm. Both are personally liable for the firm's debts.
___ 2. Crystal's Spa and Salon does not have separate legal existence apart from its one owner, Crystal Mullinex.
___ 3. Gimme Coffee is divided into 12,000 shares of stock.
___ 4. Johnson Boatyard does not pay taxes and has one owner.