Determine 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
1. Owner has unlimited personal liability - Sole proprietorship, general partnership
2. Owners have limited liability - Corporation
3. Owners have equal management rights and responsibilities - General partnership
4. Taxed as a separate entity - Corporation
5. Requires formal legal documentation to establish - Corporation
6. Easy and inexpensive to set up and maintain - Sole proprietorship
7. Profits are taxed at the individual level - Sole proprietorship, general partnership