LGS exam 3 (1)

What is a written agreement setting forth the rights and obligations of a partnership called?

• Articles of Partnership

• Buy-Sell Agreement

• Charging Order

• Franchise

What is an express contract where a partner agrees to buy out another in the event of a partner's death, departure, or removal from the partnership?

• Buy-Sell Agreement

• Articles of Partnership

• Dissolution

• Goodwill

What is the term for the amount payable to a partner upon their departure from the partnership?

• Buyout Price

• Charging Order

• Franchise Fee

• Goodwill

In partnership law, what is a court order that entitles a creditor to recover their due from a partner's interest in the partnership?

• Charging Order

• Buy-Sell Agreement

• Dissociation

• Franchise

What is the separation of a partner from their partnership or member from their LLC called?

• Dissociation

• Dissolution

• Franchise

• Entrepreneurship

What is the formal disbanding of a partnership, corporation, or other business entity known as?

• Dissolution

• Dissociation

• Franchise

• Buyout

Who is an individual that manages and assumes the risks of a new business?

• Entrepreneur

• Franchisee

• Franchisor

• Partner

What is the licensing of another to sell goods or services by the owner of a trademark, trade name, or copyright called?

• Franchise

• Buy-Sell Agreement

• Charging Order

• Dissolution

Who is the party receiving rights to sell goods or services using another's trademark, trade name, or copyright?

• Franchisee

• Franchisor

• Entrepreneur

• Partner

Who is the licensing party giving the right to use their trademark, trade name, or copyright?

• Franchisor

• Franchisee

• Entrepreneur

• Partner