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LAW122: Chapter 21-Questions and All Correct Answers 2026 Updated.

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Types of Business Organizations - Answer -sole proprietorship -general proprietorship -limited partnership -corporations Sole Proprietorship - Answer -A business owned by one person -no separation between business and owner (income, obligations, debts, loss) -suitable for small businesses Advantages of Sole Proprietorship - Answer -simple start -tax Disadvantages of Sole Proprietorship - Answer -unlimited personal liability -money raised only by personal borrowing -both problems grow as business grows Legal Requirements for Sole Proprietorships - Answer -provincial registration for business name -business license may be required Three Main Types of Partnerships - Answer -General partnership -limited liability partnership -limited partnership General Partnership - Answer -a partnership exists when two or more people carry on business together with a view to a profit -creation automatic when relationship begins Factors Indicating Partnerships - Answer -sharing profits or losses -jointly owning property or jointly contributing capital -involvement in business and management -joint authority for contracts and bank accounts

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LAW122: Chapter 21-Questions and All
Correct Answers 2026 Updated.
Types of Business Organizations - Answer -sole proprietorship

-general proprietorship

-limited partnership

-corporations



Sole Proprietorship - Answer -A business owned by one person

-no separation between business and owner (income, obligations, debts, loss)

-suitable for small businesses



Advantages of Sole Proprietorship - Answer -simple start

-tax



Disadvantages of Sole Proprietorship - Answer -unlimited personal liability

-money raised only by personal borrowing

-both problems grow as business grows



Legal Requirements for Sole Proprietorships - Answer -provincial registration for business
name

-business license may be required



Three Main Types of Partnerships - Answer -General partnership

-limited liability partnership

-limited partnership



General Partnership - Answer -a partnership exists when two or more people carry on
business together with a view to a profit

-creation automatic when relationship begins



Factors Indicating Partnerships - Answer -sharing profits or losses

-jointly owning property or jointly contributing capital

-involvement in business and management

-joint authority for contracts and bank accounts

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