'I. Know the similarity and difference with a sole proprietor, general partnership and limited partnership. 2. Which business organization has unlimited personal liability for all the debts of the business and what that means. Meaning, that creditors can go after the personal assets of the business owner. Know which business organization gives the owner protection against his/her personal assets and when the owner will only have to give up his/her capital investment if the business cannot pay its creditors. 3. Know the UPA rule regarding a general partnership as to how profits are divided when their is no partnership agreement. Profits are divided equally, regardless of their initial capital contribution