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4. Forms of business organizations Aa Aa Businesses can be classified into the following forms: proprietorship, partnership, corporation, limited liability company (LLC), and limited liability partnership (LLP) Different forms of businesses have different characteristics. Which of the following characteristics belong to a limited liability partnership? Check all that apply Distinguishes between general and limited owners Limited financial liability available to owners with limited status, but not to those with general status Only general owners, not limited owners, allowed to participate in daily management of the firm You see and read about different kinds of businesses every day. The following scenarios describe two businesses. Use the description of each business to classify it as a proprietorship, partnership, corporation, or limited liability partnership and/or limited liability company (LLP/LLC) Business #1 Business #2 Michael is self-employed and reports all of his business-related income and expenses on his personal tax return Roen, the CEO of a juice beverage company, is required to file the company's quarterly and annual employment, financial, and tax reports with the state and federal authorities This is an example of: This is an example of: A corporation O A proprietorship O A partnership O An LLP/LLC O An LLP/LLC O A partnership O A corporation O A proprietorship