AFM131 Study Guide - Final Guide: Small Business, Reward System
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AFM131 Full Course Notes
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Right of first refusal: if a partner wishes to leave the partnership, they must first offer their share to the remaining partner (before selling it to an outside party) The other partner has invested lots of time and interest in the company, they have the knowledge, perspective, skill set, etc. When one partner wants to dissolve the partnership, he first gives the other partner the option to buy him out but if that is not possible, he must buy his partner out. No commitment other than monetary (daily involvement) You are only liable for the money you invest in the partnership (risk tolerance) How you choose to run your business. There are few restrictions on the type of business that can become a franchise. Small business has a pretty important role in supporting growth and development of entrepreneurship. Value of a small business: what it owns, what it earns, what makes it unique.