For each of the following descriptions, decide if the business has been formed as: a
proprietorship, a partnership or a corporation.
This business is responsible for its debts and paying taxes on its profits.
This business 18 Owner hv one owner
This business is often used for service-tyne businesses such as lawvers and accountants
This business offers its owners limited liability
This business 1s a separate legal entity from Its owners
This business has two or more owners and has unlimited liabilitv
Ownership of this business is easily transferred from one owner to another.
This business has a single owner who pay income tax on the profit of the business
This business has the best chance of having a long life.
This business is usually the easiest form of organization to set up.