ENT ch 9

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what questions should be considered by a new business owner before entering into a leasing contract?

1. what exactly is the new business owner leasing? 2. can the owner renew the lease? 3. who is responsible for improvements? 4. who has responsibility for maintenance and other facility issues? 5. who has to carry the liability insurance and at what level? 6. can your landlord enter your place of business? 7. if there are problems, what are the procedures for addressing and resolving them?

ADA

American with Disabilities Act prohibits discrimination on basis of disability

contract

An agreement between two or more parties to perform certain activities

general partner

An owner (partner) who has unlimited liability and is active in managing the firm.

Sources of info regarding regulatory requirements?

Small Business Assistance Center (ran by Small Business Administration), the state local department of economic development, and the local chamber of commerce

what form of incorporation is required to pay income tax?

Subchapter C Corp

what business forms are required to hold annual board meetings and file reports to local, state, and federal authorities?

Subchapter S Corporation and Subchapter C Corporation

board of advisors

a group formed at the discretion of the founders and composed of founders outside the business who advised the founders

trademark

claim of intellectual property associated with a specific business

patent

claim of intellectual property that covers a specific innovation

what are trademarked by most large companies?

company name, symbols, and tag lines

in new corporations, the shareholders and board of ________ are often the individuals

directors

draws

distribution of funds from the business

for tax purposes, all businesses must have ______

employer identification number

T/F: the greater the insurance coverage obtained by a new business, the lower the cost

false; the cost is greater

what are the typical requirements for a new business to obtain a city or county business license?

fill out a form, pay a set fee (usually $100), and agree to report basic information about the business's performance on a set schedule

What does liability insurance cover?

helps protect against lawsuit judgements

what industries would be highly regulated by the government?

industries involving alcohol, military-related, and medical-related

which type of insurance helps protect a business against lawsuit judgements?

liability insurance

what are the three basic types of legal business organizations?

partnership, sole proprietorship, and corporation

Sole Proprietorship

simplest form of business, person who owns the business and the business itself are treated as the same entity

which type of legal business organization is the simplest form to establish?

sole proprietorship

what business forms do the business debts flow directly to the owners?

sole proprietorship or general partnership

what does bonding insurance do?

the business is covered in case the workers cause any damage in the performance of their work

a _______ is a legal protection of the intellectual property that is associated with a specific business

trademark

Subchapter C Corporation

treats the firm as a unique entity responsible for its own taxes. - no limitations to shareholder participation and the "owners" are protected beyond their equity investment

Subchapter S Corporation

treats the firm as an entity separate from the individuals. - allows owners to treat the income as they would if the firm were a sole proprietorship or a partnership - has limitations in the number and type of shareholders

What does workers compensation cover?

injuries of workers on the job

LLC

limited liability corporation

LLP

limited liability partnership

copyright

the legal means to protect intellectual property

T/F: if a corporation suffers substantial losses, the founder(s) will lose only his/her investment in the business

true

partnership

type of business formed between individuals directly, both general and limited varieties


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