Exam 12: Legal and Tax Issues, Including Intellectual Property

The minimum number of owners in a general partnership is equal to:

The business is not recognized as a legal entity separate from its owners under which form?

The law protects companies from their employees disclosing trade secrets even if those employees did not sign confidentiality contracts.

Legally, an employee may not compete with his or her employer.

What, if possible, must the employer do to make its employees not compete with the company for a year after they quit the job?

According to the chapter, what type of insurance should an entrepreneur purchase first?

Corporations do not necessarily operate in the same state where they were formed.

What are the pros and cons of patenting a product?

Which form of legal entity is the easiest to understand from the viewpoint of tax issues?

Every start-up should concentrate on hiring a litigation attorney from the very beginning.

What are the possible negative consequences of a company co-owner's death and how can a company prepare itself to minimize them?

Give several reasons for choosing a C corporation entity for a start-up.

What is the advantage of hiring a local attorney for a startup?

How long does an organization have to file for and secure non-profit status?

What concept requires that an employee does not knowingly take action designed to harm the employer's business?

Why would a company hire a contractor instead of a full-time employee? What are the downsides of that?

Generally, the company going public must be incorporated under the laws of the state where it is offering securities.

Which state is famous for its management-friendly corporate laws?

Why are restraining orders dangerous for a startup?

Briefly explain the ideas behind the "corporate opportunity" and the "duty of loyalty" doctrines.