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1. How would you best define a partnership? Similarly, what is a general partnership, and how does it address the concept of investor liability and limited life?

2. What is the cash conversion cycle (CCC)? Why is the CCC more critical for entrepreneurial firms to understand and forecast than larger, established firms ("Large Caps" in stock market terminology)?

3. How can the legal form of a business either shape or limit the firm's future opportunities? Similarly, which form of business organization typically offers the easiest transfer of ownership?

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