BLAW 3391 Pleasant Exam 2 Questions With Verified Answers
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Course
BLAW 3391
Institution
BLAW 3391
BLAW 3391 Pleasant Exam 2 Questions
With Verified Answers
One who initiates and assumes the financial risk of a new business enterprise and undertakes to
provide or control its management - answerEntrepreneur
The simplest form of business organization, in which the owner reports business income...
BLAW 3391 Pleasant Exam 2 Questions With Verified Ans wers One who initiates and assumes the financial risk of a new business enterprise and undertakes to provide or control its management - answer✔✔Entrepreneur The simplest form of business organization, in which the owner reports business income on his or her pe rsonal income tax return and is legally responsible for all debts and obligations incurred by the business. - answer✔✔Sole Proprietorship You can establish without filing any legal documents. 1) choose a Business name 2) file an assumed business name w/ C ounty Clerk 3) obtain licenses, permits, and zoning clearance. 4) Obtain an Employee identification # from IRS website - answer✔✔Sole Proprietorship in TX Any arrangement in which the owner of a trademark, trade name, or copyright licenses another to use t hat trademark, trade name, or copyright in the selling of goods and services (expensive!!!) - answer✔✔Franchise One receiving a license to use another's (the franchisor's) trademark, trade name, or copyright in the selling of goods or services - answer✔✔Franchisee One licensing another (the franchisee) to use the owners trademark, trade name, or copyright in the selling of goods or services - answer✔✔Franchisor 1) Distributorship - Black Snow Beer Company (licensed to distribute/sell) 2) Chain -Style Busines s Operation - McDonald's (trade name) 3) Manufacturing or Processing Plant - Pepsi Cola (essential ingredients) - answer✔✔Types of Franchises 1) Federal Regulation Of Franchising - contract law - the uuc -industry specific standards -the franchise rule 2) Stare Regulation of Franchising -state Disclosures -requirements for Termination -Case EX. Inc v. Volvo. - answer✔✔Laws Governing Franchises • Contract law - the franchise relationship is defined by a contract between franchisor and franchisee • The UUC - Article 2 • Industry Specific Standards - laws enacted by congress to protect franchisees • The Franchise Rule - requires franchisers to disclose certain material facts that a franchisee needs to know - answer✔✔More on the FEDERAL REGULATION OF FRANCHISING An agreement by two or more persons to carry on, as co -owners, a business for profit. Each partner has Unlimited liability. Partners together have joint and several liability. Taxed as a pass through entity. - answer✔✔Partnership Governs the operation of partnerships in the absence of an expressed agreement. - answer✔✔The Uniform Partners hip Act (UPA) (not uniform) 1) sharing of profits 2) a joint ownership 3) equal right to be involved in management - answer✔✔Does a partnership exist? A business entity that has no tax liability. The entity's income is passed through to the owners, and the y pay taxes on the income. - answer✔✔Pass-Through Entity (taxed)
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