Explain briefly the significant features of the following methods of carrying on business and other activities:

a. sole proprietorship

b. partnership

c. corporation

d. limited liability partnerships

e. joint venture

f. franchise

g. license

h. co-ownership

i. cooperatives

2. Black and White have formed a limited partnership. Black is a limited partner. Describe Black's position. Include any restrictions on his acts. What types of conduct should Black avoid if he is to continue to enjoy limited liability?

3. What is the main value of the partnership agreement?

4. List and discuss the main characteristics of three different forms of partnerships.

5. John Green, Mary Green, and Robert White have decided to open a business selling widgets. They are unsure as to what business structure to use. They intend to borrow money to get started and want to ensure that their homes cannot be seized by creditors. They intend to carry on business only in southern Ontario because they want to keep the business a small, personable, hands-on operation. Discuss the pros and the cons of forming a partnership. What advice would you give to your clients?

6. List and explain the appropriate clauses that should be included in a partnership agreement