In a ________-managed limited liability company (LLC), the members of the LLC have the right to manage the LLC.
In a ________-managed limited liability company (LLC), the members designate a manager or managers to manage the LLC and delegate their management rights to the manager or managers.
A member of a member-managed limited liability company (LLC) and a manager of a manager-managed LLC owe a fiduciary duty of ________ to the LLC. This means that these parties must act honestly in their dealings with the LLC.
Which of the following is true of an LLC?
A ________ partnership is a special form of partnership in which all partners are limited partners, and there are no general partners.
A limited liability partnership (LLP) is created formally by filing ________ of partnership with the secretary of state of the state in which the LLP is organized.
A limited liability partnership (LLC) is a(n) ________ LLP in the state in which it is organized.
A franchise is established when one party, the ________, licenses another party, the ________, to use the franchisor's trade name, trademarks, commercial symbols, patents, copyrights, and other property in the distribution and selling of goods and services.
In a(n) ________ franchise, the franchisor manufactures a product and licenses a retail dealer to distribute the product to the public.
In a(n) ________ franchise, the franchisor provides a secret formula or the like to the franchisee; the franchisee then manufactures the product at its own location and distributes it to retail dealers.
In a(n) ________, the franchisor licenses the franchisee to make and sell its products or services to the public from a retail outlet serving an exclusive geographical territory.
In a(n) ________ franchise, the franchisor authorizes the franchisee to negotiate and sell franchises on behalf of the franchisor.
The franchisor deals with the franchisee as a(n) ________.
Which of the following is true of the franchisor and franchisee in a general franchise that is organized and operated properly?
A franchisee needs to acquire a(n) ________ with the franchisor which will give the franchisee the right to use the franchisor's trademarks, service marks, trade names, and other intellectual property in the distribution of goods, services, software, and digital information.