Exam 31: Starting a Business: Llcs and Other Options

Franchise fees can be costly,but they are usually payable over a number of years,after profits are generated from the business.

Compare and contrast the following forms of business organization as to ease of formation,liability of owners,management,and tax implications: sole proprietorship,general partnership,limited liability company,and corporation.

Generally,a joint venture is a partnership created for one limited purpose.

Which of the following would NOT be personally liable for the debts of the business?

For those wishing to purchase a franchise,the Federal Trade Commission acts as a guardian ensuring that the business idea is sound and that the information in the Franchise Disclosure Document is accurate.