1. 'The big disadvantage of a sole trader business is that the personal liability of the owner is unlimited the owner could lose everything. I think I will take on a partner and convert my business to a partnership. That way I will certainly reduce the chances of losing my personal assets if the business fails.' Discuss.
2. 'There is really no need for a partnership agreement since all issues likely to arise among partners are adequately covered in the appropriate Partnership Act.' Discuss.

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