UA LGS 200 - Final Exam Study Guide (3 pages)

Previewing page 1 of 3 page document View the full content.
View Full Document

Final Exam Study Guide



Previewing page 1 of actual document.

View the full content.
View Full Document
View Full Document

Final Exam Study Guide

601 views

Final Exam chapters 16-20


Pages:
3
Type:
Study Guide
School:
University of Alabama
Course:
Lgs 200 - Legal Environment Business
Legal Environment Business Documents

Unformatted text preview:

LGS 200 Final Exam Study Guide LGS 200 Final Exam Study Guide Chapter 16 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 Disadvantages the proprietor alone bears the burden of any losses or liabilities incurred by the business enterprise unlimited liability legal responsibility when owner dies so does the business opportunity to raise capital is limited to personal funds 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 Franchisee purchaser of franchise Franchisor seller of franchise A franchise can operate as in independent businessperson but still obtain the advantages of a regional or national organization Types o Distributorship o Chain Style Business Operation o 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 Chapter 17 LLC page 417 articles of organization must be filed with a central state agency own part of business Advantages liability of members is limited to amount of their investments flexibility with the LLC offers in regard to business operations and management two or more members can choose to be taxed either as a partnership or a corporation etc Disadvantages state LLC statutes are not yet uniform lack of case law dealing with LLC s etc Operating Agreement contain provisions relating to management how profits will be divided the transfer of member interests whether the LLC will be dissolved on the death or departure of a member etc Chapter 18 Corporations page 430 Domestic Foreign and Alien Public and Private Non profit ex churches Close



View Full Document

Access the best Study Guides, Lecture Notes and Practice Exams

Loading Unlocking...
Login

Join to view Final Exam Study Guide and access 3M+ class-specific study document.

or
We will never post anything without your permission.
Don't have an account?
Sign Up

Join to view Final Exam Study Guide and access 3M+ class-specific study document.

or

By creating an account you agree to our Privacy Policy and Terms Of Use

Already a member?