What are the basic legal forms of business formation? (Check all that apply.)Multiple select…

➤ How do proprietorships differ from partnerships?
Sole proprietorships have a single owner who controls the business and bears full personal liability. Partnerships involve two or more owners who share profits, losses, and management. General partners face joint liability, while limited partners have restricted liability. Both typically use pass‑through taxation, but partnership agreements govern decision making and capital contributions.