16 terms

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Franchise
A business established or operated under an authorization to sell or distribute a company's goods or services in a particular area
initial franchise fee
the amount the local franchise owner pays in return for the right to run the franchise
startup costs
the costs associated with beginning a business
royalty fee in franchise
How much you get from royalties
advertising fees
fees paid to support television, magazine, or other advertising of the franchise as a whole
Franchise Disclosure Document
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
Sole Proprietorship
A business owned by one person
Partnership
A business in which two or more persons combine their assets and skills
Corporation
A business owned by stockholders who share in its profits but are not personally responsible for its debts
share of stock
each unit of ownership in a corporation
board of directors
a group of persons elected by the stockholders to manage a corporation
Dividnes
Thing split up
patent
(n.) exclusive rights over an invention; copyright; (v.) to arrange or obtain such rights; (adj.) plain, open to view; copyrighted
Copyright
the exclusive legal right, given to an originator or an assignee to print, publish, perform, film, or record literary, artistic, or musical material, and to authorize others to do the same.
Trademark
A brand that has exclusive legal protection for both its brand name and its design
contract
a binding agreement between two or more persons that is enforceable by law