MGMT 100 Chapter Notes - Chapter 6: Limited Liability Partnership, Franchise Agreement, Limited Liability

• School: UBC Okanagan, UBC OK
• Department: Management
• Course: MGMT 100
• Professor: Ying Zhu

Document Summary

Articles of incorporation: a legal authorization from the federal or provincial government for a company to use the corporate format. Co-operative (co-op): an organization owned and controlled by people- producers, consumers, or workers- with similar needs who pool their resources for mutual gain. Corporate governance: the process and policies that determine how an organizations interacts with its stakeholders, both internal and external. Corporation: a legal entity with authority to act and have liability separate from its owners. Franchise: the right to use a specific business" name and sell its goods or services in a given territory. Franchise agreement: an arrangement whereby someone with a good idea for a business sells the rights to use the business name and sell its goods and services in a given territory. Franchisor: a company that develops a product concept and sells to others the rights to make and sell the products.