For Each of the Following Characteristics of a Business Organization

question 49

Essay

For each of the following characteristics of a business organization, state whether it applies to a sole proprietorship (SP), partnership (P) or a corporation (C). There may be more than one correct answer for a characteristic.
$$\begin{array} { | l | l | } \hline\begin{array} { l } \text { Business organization } \\\text { characteristic }\end{array} & \begin{array} { l } \text { Entity(ies) to which the } \\\text { characteristic applies - } \\\text { SP,P,C }\end{array} \\\hline \text { Separate legal entity } & \\\hline \begin{array} { l } \text { Owner(s) are personally liable } \\\text { or the business's debts }\end{array} & \\\hline \text { Separate taxable entity } & \\\hline \text { One owner } & \\\hline\end{array}$$

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Definitions:

Shock Absorber

A mechanical device designed to absorb and dampen shock impulses in vehicles and machinery, contributing to smoother movement.

CNS

The central nervous system, consisting of the brain and spinal cord, which processes and sends out nerve signals.

Somatic Nervous System

A section of the peripheral nervous system responsible for managing the intentional movement of the body by regulating skeletal muscles.

Eyeblink

A rapid closing and opening of the eyelid, which serves as a protective reflex to remove irritants from the surface of the eye or shield it from bright lights or approaching objects.