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The Three Basic Forms of Business Organizations Are Sole Proprietorship, Partnership and Corporation. Gerber, KathleenACCT 652January 19, 2017HW1CHAPTER 1Q 1,2,3,7 BE 5,6,8,10 E 4,8,10(a&b only) (recommended – not required) Q8,14;BE11;E 5(a only) QUESTIONS1. The three basic forms of business organizations are Sole Proprietorship, Partnership and Corporation.2. The advantages of being formed as a corporation are: it is.