etermine 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)

Question

Sole Proprietorship General Partnership Corporation
There is 1 owner.
Sole Proprietorship – There is 1 owner.
General Partnership – There is 1 owner.
Corporation – There is 1 owner.
There is unlimited liability.
Sole Proprietorship – There is unlimited liability.
General Partnership – There is unlimited liability.
Corporation – There is unlimited liability.
There are 2 or more owners.
Sole Proprietorship – There are 2 or more owners.
General Partnership – There are 2 or more owners.
Corporation – There are 2 or more owners.
Stocks may be issued to generate income.
Sole Proprietorship – Stocks may be issued to generate income.
General Partnership – Stocks may be issued to generate income.
Corporation – Stocks may be issued to generate income.

Answer 1

Sole Proprietorship - Stocks may be issued to generate income.
General Partnership - Stocks may be issued to generate income.
Corporation – Stocks may be issued to generate income.