Legal Components Affecting Entrepreneurial Ventures

What does personnel law in business development include?

• Zoning

• Hiring and firing policies

• Bankruptcy

• Trademarks

Which of the following is part of governmental regulations for a successful entrepreneurial venture?

• Patents

• Consumer law

• Capital formation

• Sales contracts

Which part of a patent application contains a series of short paragraphs identifying protected features?

• Introduction

• Summary

• Claims

• Examples

What is the purpose of the introduction in a patent specification?

• To explain why the invention will be useful

• To list the inventors

• To provide a financial analysis

• To describe the patent office procedures

What is a trademark?

• A distinctive name, mark, symbol, or motto identified with a company's product(s) and registered at the Patent and Trademark Office.

• A legal document granting ownership of an invention.

• A type of copyright for artistic works.

• A financial statement for a company.

In a sole proprietorship, who has the decision-making and control?

• A board of directors

• Multiple owners

• One owner

• Governmental body

What is a partnership according to the Revised Uniform Partnership Act (RUPA)?

• A single person owning a business

• An association of two or more persons acting as co-owners of a business for profit

• A corporation with multiple shareholders

• A non-profit organization

What do the Articles of Partnership clearly outline?

• The marketing strategies of the partnership

• The financial and managerial contributions of the partners and their roles

• The customer service policies

• The partnership's environmental impact

Which of the following is an advantage of partnerships?

• Unlimited liability

• Lack of continuity

• Ease of formation

• Difficulty of disposing

Which of the following is NOT an advantage of partnerships?

• Direct rewards

• Flexibility

• Relative difficulty obtaining large sums of capital

• Possible tax advantage