Entrepreneurship Chapter 7: Ethical and Legal Foundation

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To create a strong ethical culture in an entrepreneurial venture, one should ______ by example.

lead

Having a ______ of conduct and an ethics training program is important for establishing a strong ethical culture in a firm.

code

A ______ agreement is essential for entrepreneurs to avoid future conflicts.

founders'

Entrepreneurial firms can avoid ______ by taking certain precautions.

litigation Signup and view all the answers

Businesses must obtain necessary ______ and permits before starting operations.

licenses Signup and view all the answers

Most fast-growth entrepreneurial ventures organize as ______ or limited liability companies.

corporations Signup and view all the answers

A business may need to obtain a license to put up a ______.

sign Signup and view all the answers

A business using a fictitious name needs a ______ business name permit.

fictitious Signup and view all the answers

The most common legal entities are… ______ Proprietorship, Partnership, Corporation, and Limited Liability Company.

Sole Signup and view all the answers

A ______ proprietorship is a form of business organization involving one person.

sole Signup and view all the answers

The owner of a sole proprietorship maintains complete control of the business and retains all of the ______.

profits Signup and view all the answers

Business losses can be deducted against the sole proprietor’s other sources of ______.

income Signup and view all the answers

It is important for an entrepreneur to select an ______ as early as possible when developing a business venture.

attorney Signup and view all the answers

For issues dealing with ______ (patents, trademarks, copyrights, and trade secrets), it is essential to use an attorney who specializes in this field.

intellectual property Signup and view all the answers

Contact the local ______ association and ask for a list of attorneys who specialize in start-ups in your area.

bar Signup and view all the answers

Select an attorney who is familiar with the ______ process.

start-up Signup and view all the answers

Make sure your attorney has a track record of completing his or her work ______.

on time Signup and view all the answers

Learn as much about the process of starting a ______ yourself as possible.

business Signup and view all the answers