Question

Determine if each of the following is a characteristic of a proprietorship, partnership, corporation, or limited liability company.

a. Separate legal taxable entity
b. Owned by one individual
c. Combination of a corporation and partnership
d. Combines the resources and skills of two or more individuals

Answer 1

A separate legal taxable entity is a characteristic of a corporation. Being owned by one individual is a characteristic of a sole proprietorship. Combining the resources and skills of two or more individuals is a characteristic of a partnership.

Step-by-step explanation:

In terms of the characteristics of different business structures:

1. a. A separate legal taxable entity is a characteristic of a corporation.
2. b. Being owned by one individual is a characteristic of a sole proprietorship.
3. c. A combination of a corporation and partnership is not a characteristic of any specific business structure.
4. d. Combining the resources and skills of two or more individuals is a characteristic of a partnership.