Exam 17: Legal Issues: Recognizing Your Small Business Needs

Which of the following is a formal dispute resolution method that operates using the court system,typically with a lawyer representing each party?

Elucidate on the steps that can be employed to structure a negotiation so as to achieve a winning solution for both parties.

The business-to-consumer (B2C)contract is an example of an Internet contract.

Anderson and Anderson is a law firm that has been handed a job to take care of patent issues for Gantar Labs.Anderson and Anderson charges a fixed amount for patent-related cases.Which of the following types of fees will Gantar be paying Anderson and Anderson?

Differentiate between litigation,arbitration,and mediation.

Which of these is an advantage of sole proprietorship?

Which of the following forms of business requires no government permission to set up?

If the business is a corporation or an LLC,the owner can only lose what he or she has invested in the business.

Agreement between the associates of a firm on matters pertaining to the formation and operation of the partnership is known as _____.

In the case of mediation,the dispute is put to a neutral third party who has the powers of a judge.

_____ is a dispute resolution process held instead of court cases in which both sides present their case to a legal professional.

Clients and attorneys start with a natural conflict of interest related to money.

In a negotiation process,proposing solutions that provide value and balance for all parties involved is considered the easiest step.

A(n)_____ is part of a contract in which a party intentionally gives up legal rights or claims.

In _____,the earnings of the business are distributed to the business owners and those owners pay individual tax on the earnings.

There are three elements to most aspects of business law - finding the right information,negotiating the specific outcome you want,and:

In a professional corporation,the shareholders are responsible for debts of the corporation.

_____ is a choice LLCs can make on their tax returns to be taxed as a corporation or a partnership.

Document setting forth information about a limited liability company that is filed with the state to establish an LLC is referred to as _____.

Which of the following statements concerning small business and law is not true?