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Review Questions1.What is unlimited liability?Unlimited liability is the legal obligation of companyfounders and business owners to repay, in full, the debt and other financialobligations of their companies.2.What is the purpose of a partnership agreement?The formation of a relationshipagreement is a prerequisite in order to minimize the potential for complications ordisputes among partners within this form of business arrangement.3.What are the rights of the owners of a corporation?Common shareholders aregranted six rights: voting power, ownership, the right to transfer ownership,dividends, the right to inspect corporate documents, and the right to sue forwrongful acts.4.What are the advantages of a sole proprietorship?One of the practical benefits ofsole proprietorships is that they are cheaper than most corporate enterprises tostart up. A person becomes a sole proprietor simply by operating a corporation.
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Term
Spring
Professor
N/A
Tags
Business Law, Corporation

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