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Exam 16: Small Businesses and Franchapter Ises

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Question 41

Multiple Choice

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Carl starts up, and assumes the financial risk of, Data Works, a new marketing enterprise. As a sole proprietorship, the enterprise must meet legal requirements relating to

A) none of the choices.
B) licensing and registration.
C) intellectual property laws.
D) all of the choices.

E) A) and B)
F) A) and C)

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Question 42

True/False

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To eliminate costly negotiations or litigation, partners may agree on how the firm's assets will be valued or divided if the partnership dissolves.

A) True
B) False

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Question 43

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One of the essential elements of a partnership is an equal right to be involved in the management of the business.

Any business-except a sole proprietorship-need not file an income tax return.

Ruby is interested in buying a franchise from Snax Stores Inc. This transaction, like other franchise deals, is regulated to protect

Olin is a partner in Precision Plumbing. When the partners decide to dissolve the firm, Olin collects and distributes the assets. This results in

Juice Inc. offers entrepreneurs the opportunity to operate a franchise under the Juice trade name as a member of a group of dealers that engage in retail beverage sales. To prospective franchisees, Juice must disclose

Choosing a business organizational form that limits its owners' liability can affect the firm's ability to raise outside capital.

A franchisee's breach of the duty of honesty and fidelity can be enough to allow a franchisor to terminate a franchise even if their contract contains a notice-and-cure provision.

Glen is a partner in Home Builders, a construction firm. Glen's assignment of his interest in the partnership to Investment Consultants results in

A partnership agreement must apportion profits and losses in the same ratio as the partners' investment of time and capital in the business.

Among three partners, unless they agree otherwise, unanimous consent is required to manage the business of the partnership.