5. Business Organization – Business Structures
- What are the costs and benefits involved in starting a sole proprietorship?
- What does “unlimited personal liability” mean in practice?
- Why is it necessary—or at least useful—to have tests to determine whether a partnership exists?
- What is the “fiduciary duty,” and why is it imposed on some partners’ actions with the partnership?
- What are some advantages of a corporation business structure? What are some disadvantages?