ENT3003 Chapter 14 Exam 4
SELECT ALL THAT APPLY. What are some of the factors that determine if a worker is an independent contractor and not an employee?
-sets own hours -not provided annual leave
What law protects employees from discrimination?
Equal Employment Opportunity
In China, Apple lost a court battle with ______, which claimed it owned the iPad trademark in the Chinese market.
Proview International Holdings
Why is it important to pick the proper legal entity?
To establish the right business structure
Choosing the wrong entity may expose the owners to ______.
personal liabilities
SELECT ALL THAT APPLY. Which of the following are examples of intellectual property?
-inventions -slogans -logos
SELECT ALL THAT APPLY. What does the Fair Labor Standards Act provide for?
-minimum wage -overtime pay
What is the main advantage of a limited liability company (LLC)?
There is limited liability with no double taxation.
SELECT ALL THAT APPLY. Which organizations can be not-for-profits if they qualify as a 501(c) under the tax code?
-civic leagues -charitable organizations -social clubs
SELECT ALL THAT APPLY. Why would a business need an employer identification number (EIN)?
-filing tax returns -employee reporting to state agencies
Why did the inventor of the intermittent windshield wiper sue Chrysler and Ford?
They copied the technology he had patented.
Why is it risky to use online legal resources?
The information may not be accurate for your type of startup.
In order for any item to qualify for IP protection, it must be ______.
novel
What is downside of forming a C corporation?
double taxation
A benefit corporation is the same as a not-for-profit entity.
false
An entrepreneur should wait until being fully funded to hire a legal team to determine entity choice.
false
Companies like Google protect entrepreneurs and businesses from online pirates.
false
Companies must provide a retirement plan for employees.
false
Copyright lasts forever.
false
If an employee creates IP, it stays at the company when the employee leaves.
false
Mark Zuckerberg did not need outside legal help when he created Facebook.
false
The Equal Employment Opportunity Act is meant to protect workers around the world.
false
What is a group of two or more people who have made a decision to co-manage and share in the profits and losses of a business?
general partnership
What describes intangible personal property created by human intelligence, such as ideas, inventions, logos, and trademarks?
intellectual property
The best resource for avoiding costly legal mistakes is ______.
legal counsel
A common mistake of inventors is ______.
sharing the innovation prior to obtaining the patent
The person who owns a business and has full exposure to its liabilities is a ______.
sole proprietor
Why would an entity want to have a vesting schedule for ownership?
to keep co-founders from retaining ownership if they leave the company
Any word, name, symbol, or device used in a business to identify and promote a product is ______.
trademark
As long as a formal agreement has been reached, the ownership is settled.
true
Intellectual property rights are not protected in the same way in every country.
true
Legal fees will vary with the complexity of the startup business.
true
To form a general partnership, all partners must be actively involved in the partnership.
true
Employers register within the state's labor department to provide ______ for employees.
unemployment compensation
The best lawyers will not only provide legal counsel but also add ______.
value