Compare the Relative Advantages and Disadvantages of Using a Partnership

question 30

Essay

Compare the relative advantages and disadvantages of using a partnership and a corporation to carry on a business.

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Definitions:

Tort Action

A legal action for civil wrongs that cause harm or loss, leading to legal liability for the person who commits the tort.

Actual Malice

A condition that exists when a person makes a statement with either knowledge of its falsity or reckless disregard for the truth. In a defamation suit, a statement made about a public figure normally must be made with actual malice for liability to be incurred.

Defamation

The act of damaging the reputation of a person or a group through false statements, either spoken (slander) or written (libel).

Public Figure

An individual in the public limelight. Public figures include government officials and politicians, movie stars, well-known businesspersons, and generally anybody who becomes known to the public because of his or her position or activities.