The characteristics below apply to at least one of the forms of business organization.
a.Is a separate legal entity.
b.Is allowed to be owned by one person only.
c.Owner or owners are personally liable for debts of the business.
d.Is a separately taxable entity.
e.Is a business entity.
f.May have a contract specifying the division of profits among the owners.
g.Has an unlimited life
Use the following format to indicate (with a "yes" or "no")whether or not a characteristic applies to each type of business organization.
Definitions:
Confidentiality
The principle or state of keeping certain information secret or private, typically to protect sensitive data or personal privacy.
Totipotency
The ability of a single cell to divide and produce all of the differentiated cells in an organism, including extraembryonic tissues.
Organogenesis
The phase of embryonic development during which the organs are formed from the three germ layers.
Propagation
The process of increasing the number of plants or animals through natural or artificial means such as seeding, cutting, or breeding.
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