Businesses can be classified into the following forms: sole proprietorship, partnership, corporation, limited liability company (llc), and 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. have corporate ownership structure owned by single individual llps are not suitable for professional firms such as accounting, law, and architecture limited financial liability owners have limited liability and right to vote taxed as a partnership