Complete the following table with either a yes or no regarding the attributes belonging to a sole proprietorship, partnership, corporation, or limited liability company (LLC). Attribute Present 1. Is a separate legal entity. 2. Is allowed to be owned by one person only. 3. Owner or owners are personally liable for debts of the business. 4. Is subject to an additional business income tax 5. Has an unlimited life Proprietorship Yes No Partnership Yes No Corporation Yes Yes Yes Yes LLC
Complete the following table with either a yes or no regarding the attributes belonging to a sole proprietorship, partnership, corporation, or limited liability company (LLC). Attribute Present 1. Is a separate legal entity. 2. Is allowed to be owned by one person only. 3. Owner or owners are personally liable for debts of the business. 4. Is subject to an additional business income tax 5. Has an unlimited life Proprietorship Yes No Partnership Yes No Corporation Yes Yes Yes Yes LLC
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Transcribed Image Text:Complete the following table with either a yes or no regarding the attributes belonging to a sole proprietorship, partnership,
corporation, or limited liability company (LLC).
Attribute Present
1. Is a separate legal entity.
2. Is allowed to be owned by one person only.
3. Owner or owners are personally liable for debts of the business.
4. Is subject to an additional business income tax
5. Has an unlimited life
Proprietorship
Yes
No
Partnership
Yes
No
Corporation
Yes
Yes
Yes
Yes
LLC
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