What is meant by the term joint and several liability

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Reference no: EM132122800

Please answer the Sole Proprietorship/Partnership questions in bullet-style (not essay style). Please include the question you are answering and your answers must be in complete sentences. While there is no page length requirement, each question must be answered fully. Please double-space your answers.

The subject is Business Law.

1. What is meant by the term “joint and several liability” for your partners actions in a general partnership?

2. What decisions made by one partner, that are harmful to the partnership business, can the other partners sue the partner for that made the decision?

3. Can one partner make a decision without the consent of the other partners?

4. Can one of the partners in a general partnership be “forced out” against their will?

5. State at least three reasons partners in a general partnership should enter into a “buy-sell agreement.”

6. Name at least two (2) pros and two (2) cons to forming a business and entering into a franchise system to do so.

7. Assume that your group is a group of investors that have decided to invest together in an existing franchise system. (Pick a business that is an existing franchise that you think has the best chance of making money in Springfield, Missouri). Then state which type of franchise it is.

8. Describe three of the ways you franchise agreement may require you to pay the franchisor for your franchise rights.

Reference no: EM132122800

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