By Cindy Ravalo
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A person who sells businesses for a living.
Who is a business broker?
An advantage of buying a business is that an existing business has __________, suppliers, and procedures.
What are customers?
An advantage of buying a business is that the previous owner may agree to ________________.
What is an train the new owner?
One of the main reasons many businesses are for sales is because _______________ a profit.
What is not making a profit?
A ____________ is an expert who can help you determine the value of a business you want to buy.
Who is a valuator?
___________ is a legal agreement that gives the right to market a company’s products or services in a particular area.
What is franchise?
The costs associated with beginning a business.
What are start up costs?
Weekly or monthly payments made by the owner of the franchise to the seller of the franchise.
What are royalty fees?
Fees paid to support television, magazine, or other advertising of the franchise as a whole.
What are advertising fees?
An advantage of a franchise is that franchisors offer _____________________.
What is management and technical assistance?
An advantage of purchasing a franchise is that a entrepreneur is provided with an ____________ product or service.
What is established?
A business that is owned solely by one person.
What is a sole proprietorship?
A business that is owned by two or more people.
What is a partnership?
A business which is a legal entity in the eyes of the courts.
What is a corporation?
The legal form of business with the most risk to its owner.
What is a sole proprietorship?
A term meaning to set up a business as a corporation.
What is to incorporate?
Distribution of profits made by a corporation.
What are dividends?
A unit of ownership in a corporation.
What is a share of stock?
A group of people who meet several times a year to make important decisions about the corporation.
Who are the board of directors?
Organized under subchapter S of the Internal Revenue Code.
What an S Corporation?
The easiest form of legal business to set up.
What is a sole proprietorship.
This type of legal form of business has its revenue taxed twice.
What is a corporation?
All that an investor can loose in a corporation.
What is the dollar amount of stock invested in the corporation?
When buying a business a disadvantage is that ______________ may be inherited by the new owner.
What are serious problems?
When buying a business from someone you want them to sign a __________ so they don’t go in business against you.
What is a non- compete clause?
When buying a business it is important that you _____________ when the business is open.
What is visit to see how it runs?
If your royalty fee is 6% and your profit for the year is $100,000 your royalty fee is $____________.
What is $6,000?
The fee a franchise owner pays in return for the right to run a franchise.
What are a franchise fee?
A corporation that is taxed as a partnership.
What is a S corporation?
An amount owed to others.
What is a liability?
List the legal forms of business from the one having the most liability for its owners to the least.
Sole proprietorship; partnership; S- Corporation; Corporation.