LGS 200 Study Guide - Final Guide: Fiduciary, Voicemail, Insider Trading
23 Aug 2016
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Sole proprietorship (page 392) = the owner is the business. Advantages proprietor receives all of the profits, easier and less costly to start up due to less legal formalities, more flexibility, etc. Franchise = an arrangement in which the owner of a trademark, trade name, or copyright licenses others to use the trademark, trade name, or copyright in the selling of goods or services. A franchise can operate as in independent businessperson but still obtain the advantages of a regional or national organization. Types: distributorship, chain-style business operation, manufacturing or processing-plant arrangement. Partnership = arises from an agreement, express or implied, between two or more persons to carry on a business for a profit (joint control over its operation, joint management, and right to share profits) Partnership agreement = any terms the parties wish. Llc (page 417) = articles of organization must be filed with a central state agency (own part of business)
