For Each of the Following Characteristics of a Business Organization

Essay

For each of the following characteristics of a business organization, state whether it applies to a sole proprietorship (SP), partnership (P) or a corporation (C). There may be more than one correct answer for a characteristic.
$$\begin{array} { | l | l | } \hline\begin{array} { l } \text { Business organization } \\\text { characteristic }\end{array} & \begin{array} { l } \text { Entity(ies) to which the } \\\text { characteristic applies - } \\\text { SP,P,C }\end{array} \\\hline \text { Separate legal entity } & \\\hline \begin{array} { l } \text { Owner(s) are personally liable } \\\text { or the business's debts }\end{array} & \\\hline \text { Separate taxable entity } & \\\hline \text { One owner } & \\\hline\end{array}$$