Determine whether each characteristic describes a sole proprietorship, a general partnership, or a corporation. Note that a characteristic may apply to more than one type of business structure.(2 points)

Here's the determination for each characteristic based on the business structures:

1. Stocks may be issued to generate income.

   • Corporation (Only corporations can issue stocks to raise capital.)

2. There is 1 owner.

   • Sole Proprietorship (By definition, a sole proprietorship has a single owner.)

3. There is unlimited liability.

   • Sole Proprietorship (The owner is personally liable for all debts and obligations of the business.)
   • General Partnership (Partners share unlimited liability for the debts of the partnership.)

4. There are 2 or more owners.

   • General Partnership (Defined as having two or more owners.)
   • Corporation (Although a corporation can have one owner, it usually consists of multiple shareholders; hence, this can apply if considering the common structure.)

In summary:

• Stocks may be issued to generate income: Corporation
• There is 1 owner: Sole Proprietorship
• There is unlimited liability: Sole Proprietorship and General Partnership
• There are 2 or more owners: General Partnership and Corporation (to some extent)