Intro to Entrepreneurship

True or False: A limited liability company does not offer the limited liability like a C corporation.

False

True or False: A trademark provides the owner with the exclusive rights to hold, transfer, and license the production and sale of a product or process.

False

True or False: In a limited partnership, the liability of each partner is limited to the amount of capital he or she has invested in the partnership.

False

True or False: Obtaining a business is the same as forming a legal entity for a business.

False

True or False: The Sole Proprietorship is the simplest, least expensive form of ownership to begin and the owner and the business are entirely separate.

False

True or False: Works created and copyrighted after January 1, 1978 are protected for an unlimited duration.

False

True or False: A limited liability company formed and chartered in Virginia is considered a foreign corporation when doing business in Maryland.

True

True or False: Generally, anything that makes an individual company unique and has value to a competitor could be a trade secret.

True

True or False: If the partners fail to create an agreement the UPA says that the partners share equally in the partnerships profits even if their original capital contributions are unequal.

True

True or False: The Corporation, like the proprietorship, avoids the double taxation disadvantage associated with the partnership form of ownership.

True

True or False: Unlike a limited partnership, which prohibits limited partners from participating in the day to day management of the business an LLC does not restrict its members ability to become involved in managing the company.

True

A common pitfall in selecting a new venture is...

a lack of uniqueness