Identify the Form of Business Organization(s) to Which the Following

Essay

Identify the form of business organization(s) to which the following characteristics apply.(a) Is a separate business entity.(b) Can be owned by one person.(c) Owner or owners are personally liable for debts of the business.(d) Is a taxable entity.(e) Is created by a charter from a provincial or the federal government.(f) Keeps the accounting of its transactions separate from the owner's(s') personal transactions.(g) May have a contract specifying the division of profits among the owners.(h) Owner or owners are not personally liable for debts of the business. Use the following format to indicate whether or not a characteristic applies to each type of business organization.