FIN 240 Chapter Notes - Chapter 36: Sole Proprietorship, Occupational Licensing, Franchising
Document Summary
Any business, whatever its form, has to meet a variety of legal requirements, which typically relate to the following: Choosing a trademark or service mark and making sure that it is protected under trademark law can be crucial to the success of a new business venture. As a practical matter, trade secrets must be divulged to key employees. Obtaining a bank loan is beneficial for small businesses because it allows the owner to retain full ownership and control of the business. Bank may place some restrictions on future business decisions as a condition of granting the loan. Banks are usually reluctant to lend significant sums to businesses that are not yet established. More than 2/3 of all u. s. businesses are this. Can own and manage any type of business. Proprietor owns the entire business and receives all of the profits.
