Types of Entities
A corporate structure where members of the company cannot be held personally liable for the company's debts or liabilities.
LLC
Franchisor
Any business on internet that sells products, services, or advertising online is known as
The simplest form of business ownership is where a person owns a business and is personally responsible for its debts.
Sole Proprietorship
The right to make or market a good or service under a trademark name
Franchise
A company that conducts business within its national borders is known as a
Domestic Business
A legal entity that is separate from its owners.
Corporation
An ongoing fee that a franchisee pays the franchisor. The fee is usually a percentage of gross sales.
Royalty
A business that has a physical location for consumers to purchase goods
Brick and Mortar Business
What does LLC stand for
Limited Liability Company
A form of corporation that meets certain requirements that allow income to pass directly to shareholders to avoid double taxation.
S-Corp
Franchisee
Business that is conducted between businesses is known as
Business 2 Business
A law office should be an LLC to protect the attorney's personal assets.
What is True
A special type of corporation that has been organized to meet specific tax-exempt purposes.
Non-Profit Corporation
McDonald's corporate would be the franchisee in a franchise relationship. True or False
False
A company that conducts business outside national borders
International Business