1) What was the biggest surprise for you in the reading? In other words, what did you read that stood out the most as different from your expectations?
I was surprised by the lengthiness to the process for obtaining a patent. There are several fees as well as review stages. I expected the process to obtaining a patent to be simplified with only a few steps and less series of fees and stages.
2) Identify at least one part of the reading that was confusing to you.
I was intrigued to learn about the Bankruptcy Act that was proposed to ensure that the property of debtors is distributed fairly to the creditors to protect creditors from having debtors unreasonably diminish their assets, and to protect debtors from extreme demands by creditors. The law was set up to provide assistance to both debtors and creditors.
3) If you were able to ask two questions to the author, what would you ask? Why?
Who can be an S corporation shareholder? I would ask this as I am curious if this opportunity extends beyond the accessibility of U.S. citizens.
Does a LLC need a partnership agreement? I would ask this because I am curious if an agreement would still be required for a single member LLC.
4) Was there anything you think the author was wrong about? Where do you disagree with what she or he said? How?
I think the author became repetitive when talking about the advantages and disadvantages of each sole proprietorships, partnerships, and corporations. For example the author would say that the decision making is vested all in one owner for sole proprietorship but then claims this to be a disadvantage as one person is responsible for all business debts.
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