In this paper we aim to (i) test the number of statistically distinct classes required to classify the local galaxy population, and, (ii) identify the differences in the physical and star formation properties of visually-distinct galaxies. To accomplish this, we analyse the structural parameters (effective radius r_e, effective surface brightness within r_e (mu_e), central surface brightness (mu_0), and Sersic index (n)), obtained by fitting the light profile of 432 galaxies (0.002<z<=0.02 Viking Z-band), and their spectral energy distribution using multi-band photometry in 18 broadbands to obtain the stellar mass (M*), the star formation rate (SFR), the specific SFR (sSFR) and the dust mass (M_{dust}), respectively. We show that visually distinct, star-forming dwarf galaxies (irregulars, blue spheroids and low surface brightness galaxies) form a unimodal population in a parameter space mapped by mu_e, mu_0, n, r_e, SFR, sSFR, M*, M_{dust} and (g-i). The SFR and sSFR distribution of passively evolving (dwarf) ellipticals on the other hand, statistically distinguish them from other galaxies with similar luminosity, while the giant galaxies clearly segregate into star-forming spirals and passive lenticulars. We therefore suggest that the morphology classification scheme(s) used in literature for dwarf galaxies only reflect the observational differences based on luminosity and surface brightness among the apparent distinct classes, rather than any physical differences between them.
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