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. Owned by one person: Sole proprietorship
2. Owners share profits and losses: General partnership
3. Owners have limited liability: Corporation
4. Can issue stock to raise capital: Corporation
5. Easy to set up and low cost: Sole proprietorship
6. More complex structure with legal requirements: Corporation
7. Pass-through taxation: Sole proprietorship, general partnership
8. Can have an unlimited number of owners: Corporation