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1. Forms of business organizations 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 limited liability company and a limited liability partnership? Check all that apply. Partners' potential losses are limited to their investment Umited financial liability Owned by single individual LLPs are not suitable for professional firms such as accounting, law, and architecture Owners have limited liability and right to vote Have corporate ownership structure 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 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 Ethan started a tutoring website. After a few months, o publishing company filed a lawsuit against his company for copyright Infringement Ethan had to shut down his business and lost all his personal assets in the process Purple Consulting has five consultants in the firm. The company's annual revenue is around 5600,000, Income is distributed among all consultants, and each is personally liable for claims if the company goos under Aakash, the CEO of a beverage company, is required to certify the accuracy of information provided in the company's quarterly reports Aakash Radford, and Jose own an accounting firm in San Francisco. Al share in the profits of the firm proportionately and he taxes at an individual level. According to their agreement, none of the owners will be held personally liable for the accounting firm's debt

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