For Each of the Following Characteristics of a Business Organization,state

question 1

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.
$\begin{array}{|l|l|}\hline\text { Business organization } & \text { Entity(ies) to which the } \\\text { characteristic } & \text { characteristic applies - } \\& \text { SP, P, C } \\ \hline\text { Separate legal entity } & \\\hline \text { Owner(s) are personally } & \\\text { liable for the business's debts } & \\\hline \text { Separate taxable entity } & \\\hline \text { One owner } &\\\hline\end{array}$