types of business ownership
This business ownership structure has only one owner and is the least expensive type to create.
Sole Proprietorship
The key contract principle establishing that each party must give or receive something of value.
Exchange of Value (Consideration)?
Early requirements for legally establishing a new business include registering a business name and acquiring this number.
a Tax ID (or Employer Identification Number)?
The legal protection commonly used to safeguard a company's logo, brand sign, or brand name.
a Trademark?
A civilly wrongful act, either intentional or unintentional, that causes injury to another person or business.
a Tort?
This structure always involves more than one business owner who pool skills and capital together.
Partnership
Two professional service providers commonly secured by entrepreneurs for financial and legal advice.
Who are Lawyers and Accountants?
Approval required depending on regional zoning rules and specific operational activities of a business.
a Specific Use Permit?
The legal protection granted over literary, artistic works, and original designs.
a Copyright?
Failure to use reasonable care, resulting in damage or injury to another.
Negligence?
A hybrid company structure combining characteristics of a corporation with a partnership or sole proprietorship.
Limited Liability Company (LLC) or Limited Liability Partnership (LLP)?
The contract requirement ensuring both parties are legally competent to enter into an agreement.
Legal Capacity?
Laws governing employee relations, social security, taxation, and equal opportunity workplace rules.
What are Administrative Laws?
The government agency where businesses register patents and trademarks to grant exclusive rights and prevent copying.
the US Patent and Trademark Office (USPTO)?
The state of being held legally responsible for something or for business obligations.
Liability?
A disadvantage of this corporate business structure where taxes are paid on corporate profits and again on dividends paid to owners.
Double Taxation?
A legal agreement that binds someone to non-disclosure of private or proprietary information, commonly called an NDA.
a Confidentiality Agreement?
Regular government evaluations conducted on business sites to ensure compliance with health and safety standards.
What are Inspections?
Protected rights for confidential, proprietary information like recipes, formulas, or code that can be sold or licensed.
What are Trade Secrets?
Formal documents filed to establish a corporation as a legal entity.
What are Articles of Incorporation?
Three major factors to consider when selecting a business structure, alongside setup and capital needs.
Risk, Profits, Control, and Continuity?
Three crucial operational areas a medical clinic or business must manage during a public health emergency or pandemic.
What are Business Protection, Employee Safety, and Insurance?
Body of laws regulating land use, building practices, hazardous materials, and environmental safety.
What are Environmental Laws?
The type of legal protection required to protect an invented physical product or industrial process.
a Patent?
The specific tort action of damaging someone's good reputation through false or derogatory statements.
Defamation?