26. Identify the four forms in which businesses are generally organized.

27. Name four advantages and two disadvantages of organizing as a sole proprietorship.

28. Identify two advantages and two disadvantages of organizing as a partnership.

29. Explain the differences between a limited partnership and other partnerships.

30. Differentiate among corporate shareholders, directors, and officers.

31. Explain both the duty of loyalty and the duty of care as these pertain to corporate directors and officers.

32. Limited Partnership Is it fair that in a limited partnership, the limited partner enjoys limited liability while the general partner faces unlimited liability?

33. Limited Liability Persons who face unlimited liability (such as sole proprietors and partners) are allowed to purchase insurance to protect themselves from creditors and others. Should the law allow insurance to be used for this purpose?

34. Sole Proprietorship How can a sole proprietor attract employees who are trustworthy?

35. Corporation Corporations have been granted freedom of speech, freedom from unreasonable searches and seizure, and due process of law. Does it make sense that a legal (as opposed to natural) person has these rights?

36. A Question of Ethics Is it ethical for a broker or a financial adviser to earn commissions from investments of corporations of which the broker or financial adviser is also a director?

26. List some examples of exempt property under Chapter 7 of the federal bankruptcy law.

27. Describe the two types of actions by the debtor prohibited under bankruptcy law that were discussed in this chapter.

28. List some examples of debts that are not discharged under a Chapter 7 bankruptcy.

29. Explain the debtor education and credit counseling requirement under the Bank- ruptcy Abuse Prevention and Consumer Protection Act.

30. List some examples of priority debts under a Chapter 13 bankruptcy.

31. Describe the process used in a Chapter 11 bankruptcy.

32. Exempt Property Why is some property considered exempt under Chapter 7 of the federal bankruptcy law?

33. Debtor Education and Credit Counseling Why does the law require a debtor to receive individual or group credit counseling prior to be allowed to file for bankruptcy?

34. Chapter 13 Why are certain debts considered to be priority debts under Chapter 13 of the federal bankruptcy law?

35. Chapter 9 Should municipalities that are mismanaged be allowed to file for bankruptcy?

36. A Question of Ethics Is it ethical for an individual to purchase numerous items on credit when he or she knows that bankruptcy is available as an option in the event of a default?