The following are some business scenarios. Using the description of each business, classify it as a sole proprietorship, a partnership, a corporation, or a limited liability company/limited liability partnership.
1. Jacob founded and operated a wedding planning agency, which specialized in celebrity weddings. When he died, his business was dissolved because there was no plan for control after his death.
2. Wilson started a business, based in a different state, with his uncle. Due to the business's underperformance, they had to close the business. Wilson, however, ended up losing his house due to a litigation claim.
3. DDX Co. is a shipping company. David owned 1,000 shares of DDX stock. He found better opportunities and sold his entire stake in DDX to another investor. 4. Selena and Mario run a law firm in Chicago. The firm has a debt of $100,000, but Selena and Mario will not be held personally liable for the law firm's debt.
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