COB 218 Final: [COB 218] - Final Exam Guide - Comprehensive Notes fot the exam (52 pages long!)
28 Nov 2016
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Sole proprietorship you own a business completely. You are personally liable for all losses or liabilities (ex. painting houses business) Franchisor: owner of trademark, trade name, or copyright. Distribution: auto dealership (gets to sell in certain area) As far as payment, % goes back to company. Pay a lot of money to use the name. General partnership: basically a sole proprietorship, but with two people. If one person wants out, you can either sell & get new partner or buy out. Limited partnership: li(cid:373)ited part(cid:374)er o(cid:374)ly respo(cid:374)si(cid:271)le for their i(cid:374)vest(cid:373)e(cid:374)t, (cid:272)a(cid:374)"t take part i(cid:374) management. If they take part in management, they become general partners. Members owe fiduciary duties to the llc and to each other. Domestic corporation: in state (ex. incorporated in va, does business in va) Foreign corporation: between states (ex. incorporated in de, does business in va) Alien corporation: between countries (ex. incorporated in us, does business in germany)
