Chapter 1 HW Seved Help Save & Exercise 1-6 Distinguishing business organizations LO C4 m. Consider the following separate situations, identify each as being a sole proprietorship, partnership, corporation, or limited liability company eBook Business Organization . Print References APP Description Micah and Nancy own Financial Services, which pays a business income tax Micah and Nancy do not have personal responsibility for the debts of Financial Services. 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. Ownership of Zander Company is divided into 1.000 shares of stock. The company pays a business income tax. Physio Products does not pay income taxes and has one owner. The owner has unlimited liability t. for business debt. 9. AJ Company pays a business income tax and has two owners. h. Jelly Auto is a separate legal entity from its owner, but it does not pay a business income tax Me Graw Hill