- Mode: Chapter 1 - Graded Homework #1 Saved Help Save & Exit Subm Check my work 1 Exercise 1-1 Distinguishing business organizations LO2 Presented below are descriptions of several different business organizations Select whether the situation described refers to a sole proprietorship, partnership, or corporation Book rences Descriptions Business Organization a Ownership of Cola Corp, is divided into 1,000 shares Corporation D Text Tech is owned by Kimberly Fisher who is personally liable for the debts of the business Sole proprietorship Jerry Forrentes and Susan Montgomery own Financial Services, a financial and personal services provider C Corporation Neither Forrentes nor Montgomery has personal responsibility for the debts of Financial Services Nancy Kerr and Frank Levens own Runners, a courier service. Both Kerr and Levens are personally liable d Partnership for the debts of the business e MRS Consulting Services does not have a separate legal existence apart from the one person who owns it Partnership Biotech Company has one owner and does not pay income taxes sole proprietorship 9. Torby Technologies has two owners and pays its own income taxes Partnership