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Questions to the text:

  1. What type of organization can a business be carried on by?

  2. What is the oldest form of business?

  3. What are the profits of the sole trader?

  4. What does a sole trader often need to start up the business?

  5. What does a sole trader has to do to ensure that the loan is repaid?

  6. When is the partnership formed?

  7. What kind of document do the partners draw up during the term of the partnership?

  8. Why do the partners draw up such a document?

  9. What does the phrase “jointly and severally liable” mean?

  10. How does the corporation regarded by the law?