Marketing Essentials

Section 2: Logistics of Business Ownership

After You Read Online Action

Key Terms and Concepts

1. Four ways to become a business owner include start a new business, purchase a franchise, purchase an existing business, and take over a family business.
2. Four legal forms of business organization are sole proprietorship, partnership, corporation, and limited liability company. Sole proprietorship is the most common.
3. Advantages of a limited liability company include: it has tax benefits and its owners are shielded from personal liability.

Academic Skills

4. This person works 2,805 hours; 11 X 5 X 51 = 2,805. This is equivalent to 70.125 40-hour-weeks; 2,805 ÷ 40 = 70.125.
5. A trademark is a symbol, word, phrase, or design that identifies the source of goods; it can be used legally only by the owner of the trademark. A copyright protects an original artistic or literary work. A patent protects an invention.