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Explain in detail the advantages vs. disadvantages of: sole proprietorship, general and limited partnerships, limited liability partners,...

Explain in detail the advantages vs. disadvantages of: sole proprietorship, general and limited partnerships, limited liability partners, corporations and limited liability companies. Why is it not a good idea to comingle your business and personal assets? What is the difference between a director, shareholder and officer? What duties do each of them hold to the business? What is the business judgment rule? How should a responsible manager carry out his fiduciary duties?

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There are three basic business structures:
1. Sole proprietorship – is the most popular form of business, with one person ownership.
Its major advantage is single control, quick and least...

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