1.Janet and Kris are married. They both have full time jobs but in their spare time they like to make unique bird houses and sell them online to make a profit. Are Janet and Kris partners within the meaning of the Partnership Act? State whether they are partners using the applicable legal definition of partners. Does it matter if they are married?

2.Compare and contrast a general partnership with a limited partnership, particularly with respect to liability.

3.Archie is a lawyer and partner at a law firm. His partner, Veronica, has not really been paying much attention to her real estate practice relying upon her assistant, Betty to do most of the work. One of the real estate files goes terribly wrong and Veronica is sued. What type of a partnership is involved and does Archie have any liability? Explain your answer.

4.For each of the following, is there an obligation to register with a registry and have a particular kind of suffix to the name, if so, provide an example of the suffix required

a.Sole Proprietor

b.Corporation

c.Limited Liability Partnership

d.General Partnership

e.Limited Partnership

5.Steve is a sole proprietor of a small business where he does small construction jobs. He is hired by Suzanne to install some flooring in her house which she has purchased online. Steve doesn't realize that the flooring needs to be glued down. After a few weeks the flooring starts to come up in places. Suzanne finds out that Steve didn't install it correctly and she has to get it all removed causing damage. She needs to buy new flooring.She sues Steve for all of her damages, which total $25,000. All his personal assets are at risk. What could he have done instead to mitigate his personal risk? Explain your answer

6.What are some differences between common shares and preferred shares?

7.Anu is a shareholder and director of 12345 Alberta Ltd., which is a private corporation. There are two other shareholders. 12345 Alberta Ltd. has issued 100 common shares. Anu holds 60 common shares, the other two shareholders, Jay and Kelly have 20 common shares each. In order to raise capital, the corporation issues 100 more shares. Kelly buys 55 shares, Jay buys 40 shares, and Anu, buys 5 shares.

a.How many shares does each party have after the sale and does it change who the majority shareholder is?

b.What two things could Anu have done while the company was being formed to ensure that she did not lose her majority?

c.What obligations does Anu have as a director, that Jay and Kelly do not have as being only shareholders?

8.Mary, Dianne, and Charlene are general partners. The partnership agreement between Mary, Dianne, and Charlene, specifies that should another partner be negligent the parties will be each responsible for the following percentages:

Charlene - 50%

Mary - 30%

Dianne - 20%

a.Charlene gets into some trouble by signing a contract that is later breached through her negligence. This leads to a judgment being made in the amount of $100,000 against the partnership. From the perspective of the partners, what amounts are each liable for?

b.From the perspective of the judgment creditor who is owed the $100,000 who can they reclaim the money from?

c.If the judgment creditor chooses to recoup all of the money from Mary because she has the most assets, what can Mary do to recover from her partners if they refuse to pay, and would that terminate the partnership, why or why not?

9.Name and contrast three estates in land.

10.What is the difference between a joint tenancy and a tenancy in common when it comes to land?