Lucas Johnston worked in sales for a multinational organization based in Winnipeg,

Manitoba. When the organization announced it was providing an early retirement

package, Johnston was one of the first staff members to apply for a package and to be

accepted. He decided to use the newfound capital to support the purchase of a store he

and his partner, an advertising manager, had been looking at forever. While they had

great ideas on how to grow the business, they were unsure about the legal form their

organization should take. An accountant friend suggested they form a corporation, but

another said they just needed a simple partnership agreement. The purchase of the

store would take most of Johnson's retirement package, and he needed to make a good

choice.

a$.$ What are three to five key points Johnston and his partner should understand

about a general partnership?

b$.$ What are three to five key points they should understand about a private

corporation?