1. What are the potential consequence of a limited partner assumes management responsibilities contrary to a partnership agreement or the Limited Partnerships Act? Answer: 2. What is the most important advantage of using a corporation to operate a business? Answer:

SWFT Comprehensive Volume 2019
42nd Edition
ISBN:9780357233306
Author:Maloney
Publisher:Maloney
Chapter21: Partnerships
Section: Chapter Questions
Problem 14DQ
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1. What are the potential consequence of a limited partner assumes management responsibilities
contrary to a partnership agreement or the Limited Partnerships Act?
Answer:
2. What is the most important advantage of using a corporation to operate a business?
Answer:
3. Briefly describe the legal characteristics of a sole proprietorship
Answer:
4. Explain what negotiable instruments are, and name which three forms they take in
Canada.
Answer:
Transcribed Image Text:1. What are the potential consequence of a limited partner assumes management responsibilities contrary to a partnership agreement or the Limited Partnerships Act? Answer: 2. What is the most important advantage of using a corporation to operate a business? Answer: 3. Briefly describe the legal characteristics of a sole proprietorship Answer: 4. Explain what negotiable instruments are, and name which three forms they take in Canada. Answer:
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