1. Forms of business organizations Businesses can be classified into the following forms: a proprietorship,...
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1. Forms of business organizations Businesses can be classified into the following forms: a proprietorship, a partnership, a corporation, a limited liabilitv company (U.C), and a limited liability partnership (up). Different forms of businesses have different characteristics, Which of the following characteristics would apply to a limited liability company and a limited liability partnership? Check all that apply. Limited financial liability Have corporate ownership structure Taxed as a partnership Owners have fimited liability and right to vote Owned by single individual U.Ps are not suitable for professional firms like accounting, law, and architecture You come across different kinds of businesses every day. The following table describes some businesses. Using the description of each business, dassify it as a sole proprietorship, a partnership; a corporation, or a limited liability company/limited liability partnership
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