Complete the following table with either a yes or no regarding the attributes belonging to a sole proprietorship, partnership,corporation, or limited liability company (LLC).Attribute Present1. Is a separate legal entity.2. Is allowed to be owned by one person only.3. Owner or owners are personally liable for debts of the business.4. Is subject to an additional business income tax5. Has an unlimited lifeProprietorshipYesNoPartnershipYesNoCorporationYesYesYesYesLLC

Sole Proprietorship :It is a business owned and managed by one person only. The proprietor of the…

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