5 Written questions
5 Matching questions
- limited liability partnership
- a The party in a franchise relationship that pays for the right to use resources supplied by the franchisor
- b type of franchising arrangement in which the franchisor makes a product and licenses the franchisee to sell it.
- c The transfer of total or partial ownership of some of a firm's assets to investors or to another company
- d A form of partnership in which all partners have the right to participate in management and have limited liability for company debts.
- e the business entity in a franchise relationship that allows others to operate their business using resources it supplies in exchange for money and other considerations
5 Multiple choice questions
- A form of business ownership that offers both limited liability to its owners and flexible tax treatment
- A detailed description of all aspects of a franchise that the franchisor must provide to the franchisee at least 14 calendar days before the franchise agreement is signed.
- A form of business ownership with a single owner who usually actively manages the company
- A form of corporation that avoids double taxation by having its income taxed as if it were a partnership.
- A corporate restructuring that occurs when two formerly independent business entities combine to form a new organization.
5 True/False questions
statutory close corporation → A corporation with a limited number of owners that operates under simpler, less formal rules than a C corporation.
articles of incorporations → The document filed with a state government to establish the existence of a new corporation.
vertical merger → A combination of two firms that are in the same industry
limited liability → When owners are not personally liable for claims against their firm. Limited liability owners may lose their investment in the company, but their personal assets are protected.
nonprofit corporation → A corporation that does not seek to earn a profit and differs in several fundamental respects from general corporations.