Businesses can be classified into the following forms: a 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 proprietorship? Check all that apply. Owned by single individual O can easily raise large amounts of capital O Less regulated Subject to unlimited liability Has unlimited life Subject to lower income taxes 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 proprietorship, a partnership, a corporation, or a limited liability company/limited liability partnership. Type of Business Business Scenario Michael founded and operated a wedding planning agency, which specialized in celebrity weddings. When he died, his business was dissolved because there was no plan for control after his death. DDX Co. is a shipping company. Tyler owned 1,000 shares of DDX stock. He found better opportunities and sold his entire stake in DDX to another investor. Jackson and his friend Shirley run a carpet cleaning business. They distribute the profits proportionately and file their individual taxes. Tyler, Jackson, and Jose own an accounting firm in San Francisco. All share in the profits of the firm proportionately and file taxes at an individual level. According to their agreement, none of the owners will be held personally liable for the accounting firm's debt. Businesses in the form of corporations offer their owners several advantages, but the benefits come at a price. For instance, corporations are required to create a charter, set bylaws, and file mandatory reports with state and federal authorities, which can get expensive and time consuming. The filing document, which requires the company to state: (1) the name of the proposed corporation, (2) types of activities the company will be involved in, (3) amount of capital stock, (4) number of directors, and (5) names and addresses of the directors, is called the corporate