1. What are the key requirements of a sole proprietorship and a general partnership?

2. Name three (3) key advantages and three (3) key disadvantages of the sole proprietorship and general partnership. Provide examples for each.

3. Why would an owner care about how much liability he/she is taking on? Would you be willing to start a business where you had unlimited liability?

4. Name 2-3 provisions you believe would need to be a partnership agreement in order for the partners to get along well and understand the responsibilities of each partner.