[Solved] Identify and Explain Two Advantages and Two Disadvantages of Sole

Which of the following is a disadvantage of franchising? A)The franchisee seldom receives any support or training from the franchisor about running the business. B)The franchisee faces the task of establishing brand recognition among customers. C)The franchisee has no flexibility as it is required to follow the franchisor's procedures to the letter. D)The franchisee faces funding challenges as bankers are often reluctant to fund franchisees.

As an artificial person, a _________ can legally engage in virtually any business activity a natural person can pursue, including owning property, entering into binding contracts, and initiating legal actions. A)partnership B)corporation C)limited liability company D)sole proprietorship

Sole proprietors have _________ for the debts of their companies. A)no liability B)limited liability C)unlimited liability D)shared liability

A general partnership avoids the problem of _________ endemic to corporations. A)disagreements B)unlimited liability C)double taxation D)withdrawal

The basic rules governing how a corporation is organized and how it conducts its business are known as _________. A)corporate bylaws B)articles of incorporation C)certificates of organization D)prospectuses

A _________ is a contractual arrangement between a franchisor and franchisee that spells out the duties and responsibilities of both parties. A)Franchise Disclosure Document (FDD) B)franchise agreement C)business format agreement D)dealership agreement

List and describe any two forms of business ownership.

Describe the basic features of limited partnerships and limited liability partnerships.

Mention the advantages and limitations of nonprofit (or not-for-profit)corporations.

Describe at least one advantage and one disadvantage of franchising for the franchisor, and at least one advantage and disadvantage for the franchisee.