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BO--Module 6

bo-module 6

Does operating a franchise cost money? Yes
Should you assign names to worksheets that are meaningful to you? Yes
What’s the type of business ownership that is a separate legal entity from its owner? Corporation
What’s an advantage of buying an existing business? Policies and procedures are already established
What's one advantage of buying an existing business? Banks are less likely to lend to a new owner.
What’s one advantage to a partnership agreement? identifies salaries to be withdrawn by each partner
What is one advantage to a franchise? they can offer only certain products and must charge prices set by the franchiser.
What is the purpose of determining your interest and abilities? this determines what you want your business to be about
Financially, is it easy for entrepreneurs to purchase a business? No
What are considered expenses? food, electric, phone and entertainment
When buying a business should you have an accountant write the sales contract? No
What is one advantage of owning a franchise? some profits must be returned to the franchisor as royalty fees
What’s the difference between an S Corporation and a regular corporation? An S corporation is not taxed as a business
Are banks less likely to lend to a new owner? No
Do franchise owners have an established product or service and are not dependent on the performance of other franchises in the chain? No
Does a partnership agreement identify the salaries to be withdrawn by each partner? No
Created by: MandyWatts