Question

4. Forms of business organizations Aa Aa Businesses can be dassified into the following forms: a sole proprietorship, a partnership, a corporation, a limited liability company (LLC), and a limited liability partnership (LLP). Different forms of businesses have different characteristics. which of the following characteristics would apply to a sole proprietorship? Check all that apply Subject to unlimited liability Can easily raise large amounts of capital Subject to lower income taxes Has unlimited life Less regulated owned by single individual 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 Sagar, the CEO of a beverage company, is required to certify the accuracy of information provided in the company's quarterly reports. Keanu and his friend Shirley run a carpet deaning business. They distribute the profits proportionately and file their individual taxes. Selena and Mario run a law firm in Chicago. The firm has debt of $100,0DD, but Selena and Mario will nat be held personaly liable for the law firm's debt. Alexander started a tutoring website. After a few months, a publishing compa Alexander had to shut down his business and lost all his personal assets in the process. ny filed a lawsuit against his company for copyright infringement.

Answer 1

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Answer 1)

Characteristic of sole proprietorship :

Subject of unlimited liability

Subject to lower income tax

Less regulated

Owned by single individual

Answer 2) answer is in sequence –

1. A corporation
2. Partnership
3. A limited liability company
4. A sole proprietorship