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 corporation? check all that apply. owners with limited liability and little input into daily management of the firm chartered by a state and is its own legal entity, distinct from its owners has unlimited life easier to transfer ownership in the form of stock 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: lafayette and his friend, shirley, run a carpet cleaning business. they distribute the profits proportionately and report their portion of the business’s profits on their individual tax returns. this is an example of: a partnership. an llp/llc. a proprietorship. a corporation .