p. 148

1. The advantages of sole proprietorships include ease of starting and ending the business, and its disadvantages include unlimited liability.
2. The advantages of partnerships over sole proprietorships include more financial resources.
3. Unlimited liability is considered a major drawback to the sole proprietorship and general partnership because any debts or damages incurred by the business are their debts, which they must pay.
4. The difference between limited partners and general partners is that the former don't have liability beyond their investment.

p. 154

1. The major advantages of incorporating a business include limited liability, and the major disadvantages include double taxation.
2. In a corporate hierarchy, the role of owners (stockholders) includes electing a board of directors.
3. If you buy stock in a corporation and someone gets injured by one of the corporation's products, the corporation may be sued as a legal entity separate and apart from its owners. However, if you were a general partner in a partnership, you could be sued. For details regarding technical legal issues, it's best to consult an attorney.

p. 166

1. Some of the factors to consider before buying a franchise include the franchisor's financial strength, its reputation for honesty and fair dealing with franchisees, and assistance it will provide you.
2. The attraction of global markets has carried over into franchising, and Canada is by far the most popular target for U.S.-based franchises.
3. A cooperative is a business owned and controlled by the people who use it - producers, consumers, or workers with similar needs who pool their resources for mutual gain.