Business Characteristics
Owner is responsible for all business debts and liabilities
What is Sole Proprietorship?
Purpose is something other than profit
What is a non-profit organization?
Gives an inventor the sole right for 20 years to make, use, and sell an invention or a process
What is a Patent?
Tax remains fixed as income increases
What is Proportion tax?
Exists when only one company provides a product or service without competition from other companies.
What is a Monopoly?
A legal agreement is highly recommended in this form of business ownership
What is a Partnership?
What does LLC stand for?
Limited Liability Company
A distinguishing name, symbol, or special mark placed on a good or service that is legally reserved for the sole use of the owner
What is a Trademark?
The tax is levied by the governing authority of the jurisdiction in which the property is located
What is Property Tax?
Setting different prices for different customers.
What is price discrimination?
Owners are not typically responsible for business debts
What is a Corporation?
A business that was created for expanding an original business, but opening it in a new location
What is a franchise?
Unauthorized use of someone’s personal identifying information—such as name, Social Security number, or credit card number—to commit fraud or other crimes
What is identity theft?
Tax rates increase with rising incomes
What is Progressive Tax?
A legal process that allows the selling of assets to pay off debts
What is Bankruptcy?
Companies coordinate or merge business processes in order to improve their overall performance
What is a Cooperative?
A type of business ownership where there can be a single or multiple owners, like a partnership, but you have an option to be taxed like a corporation
What is an LLC?
Business transacted within a state
What is Intrastate Commerce?
What is the sales tax in Nebraska?
Regulates food, drugs, medical devices, cosmetics, and vet products
What is the FDA?
What is a Corporation?
Business type that does not require much marketing
What is a franchise?
A way to limit and control those who plan to start certain types of businesses
What is Licensing?
A tax is imposed on the sale of SPECIFIC goods or services, or on certain uses
What is Excise Tax?
Creations of the mind
What are Intellectual Rights?