5 Written questions
5 Matching questions
- general partnership
- limited liability partnership
- a A corporate restructuring that occurs when two formerly independent business entities combine to form a new organization.
- b A voluntary agreement under which two or more people act as co-owners of a business and have unlimited liability for any claims against the firm
- c A form of partnership in which all partners have the right to participate in management and have limited liability for company debts.
- d 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
- e A form of business ownership in which the business is considered a legal entity that is separate and distinct from its owners
5 Multiple choice questions
- a licensing agreement wherebu a franchisor allows franchisees to use its name, trademark, products, business methods and other property in exchange for monetary payments and other consideration
- 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 broad franchise agreement in which the franchisee pays for the right to use the name, trademark, and business and production methods of the franchisor.
- The basic rules governing how a corporation is organized and how it conducts its business
- The most common type of business corporation, where ownership offers limited liability to all of its owners, also called stockholders.
5 True/False questions
board of directors → A form of business ownership in which the business is considered a legal entity that is separate and distinct from its owners
conglomerate merger → A combination of two firms that are in the same industry
articles of incorporations → The document filed with a state government to establish the existence of a new corporation.
statutory close corporation → A form of corporation that avoids double taxation by having its income taxed as if it were a partnership.
limited liability company → 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.