The following describe several different business organizations. Determine whether each description best refers to a sole proprietorship

Question:

The following describe several different business organizations. Determine whether each description best refers to a sole proprietorship (SP), partnership (P), or corporation (C).
a. Micah and Nancy own Financial Services, a financial services provider. Neither Micah nor Nancy has personal responsibility for the debts of Financial Services.
b. Riley and Kay own Speedy Packages, a courier service. Both are personally liable for the debts of the business.
c. IBC Services does not have separate legal existence apart from the one person who owns it.
d. Trent Company is owned by Trent Malone, who is personally liable for the company’s debts.
e. Ownership of Zander Company is divided into 1,000 shares of stock.
f. Physio Products does not pay income taxes and has one owner.
g. AJ Company pays its own income taxes and has two owners.

Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may... Partnership
A legal form of business operation between two or more individuals who share management and profits. A Written agreement between two or more individuals who join as partners to form and carry on a for-profit business. Among other things, it states...