BLAW1 Assignment Answer the following questions. Please submit your assignment in Word or PDF format. When submitting your answer, please be brief. One paragraph answer will be sufficient. Each question will be graded out of 5. Q1. Why is registration of a partnership important in certain provinces? Q2. If one partner should become personally bankrupt, and the partnership dissolved, how is the liability of each remaining partner for the debts of the partnership determined? Q3. How does a partnership differ from co-ownership? Q4. How is a partnership formed? Q5. What essential characteristic distinguishes a partnership from other associations of individuals? Q6. What is a retiring partner obliged to do in order to avoid liability for future debts incurred by a partnership? Q7. Explain the significance of the determination that a corporation is a broadly held corporation as opposed to a closely held corporation. Q8. Explain under what circumstances a shareholder will not be permitted to sell his or her shares. Q9. Indicate the main advantages to incorporation. Q10. Indicate the main disadvantages to incorporation. Q11. Explain the essential difference between a common share and a preferred share. Q12. Contrast the obligations and duties of directors and shareholders of a corporation.