Usinesses can be classified into the following forms: sole proprietorship, partnership, corporation, limited liability company (llc), and limited liability partnership (llp). different forms of businesses have different characteristics. which of the following characteristics would apply to a corporation? check all that apply. exempt from double taxation owned by single individual owners have limited liability chartered by a state and is its own legal entity separate and distinct from its owners and managers easier to transfer ownership in the form of stock has unlimited life