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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 corporation
Check all that apply.
LLPs are not suitable for professional firms such as accounting, law, and architecture
Owned by single individual
Owners have limited liability and right to vote
Have corporate ownership structure
Taxed as a partnership
Limited financial liability

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Answer:

Owners have limited liability and right to vote

Have corporate ownership structure

Explanation:

As the question is all about corporation, we cannot consider LLP. Therefore, option A is incorrect.

Option B is incorrect. When a firm is owned by a single individual, it is called sole proprietorship.

Option C is correct. Owners liability of the corporation is limited to their invested amount of money. More importantly, the shareholders' have the right to vote.

Option D is correct. In a public-limited corporation, there are a specific corporate ownership structure.

Option E is wrong because there is a double taxation in a corporation.

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