1. Explain why is a partnership considered as a default business structure? Discuss at least three differences between a joint venture and a partnership? (3 marks) 2. Discuss the nature of liability of a partnership under contract, tort, and crime (2 marks) 3. Explain the manner in which trusts are managed. What are the main purposes of discretionary trusts? (2 marks) 4. What criteria are used under the Corporations Act to distinguish between small and large proprietary companies? What advantages are available to small proprietary companies under the Corporations Act? (2 marks) 5. Discuss by referring to relevant cases why the principle of lifting the corporate veil is viewed as "imprecise metaphor". (3 marks) 6. Explain instances when the corporate veil will be disregarded in corporate groups under the common law and under the Corporations Act. (3 marks) 7. Discuss the statutory and common law restrictions on the company's ability to change its constitution. (3 marks) 8. Explain when third parties cannot rely on statutory assumptions when entering into contracts with a company and who needs to prove that the assumptions should not apply. (2 marks)