BUS 100 Ch 6

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​They are made to pay an annual franchise tax in many states.

​Which of the following is a characteristic of limited liability companies (LLCs)?

​The franchisee has no flexibility as it is required to follow the franchisor's procedures to the letter.

​Which of the following is a disadvantage of franchising?

​The shareholders have limited liability in the firm.

​Which of the following is an advantage of a C corporation?

​Ease of formation

​Which of the following is an advantage of sole proprietorship?

​a business is considered a legal entity that is separate from its owners.

​A corporation is a form of business ownership in which:

​there is difficulty in withdrawing from the company.

​A disadvantage of a general partnership is that:

​is a voluntary agreement under which two or more people act as co-owners of a business for profit.

​A partnership:

​a single owner actively manages a company.

​A sole proprietorship is a form of business ownership in which:

horizontal

​One reason a firm would consider a _____ merger would be to increase size and market power in its industry.

board of directors

​The individuals who are elected by stockholders of a corporation to represent their interests are known as _____.


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