Learning Outcomes

• Understand basic legal terminology and the larger legal environment
• Identify and distinguish among the three basic legal structures of business organization
• Explain the advantages and disadvantages of a sole proprietorship
• Understand the rules and liabilities involved in a partnership
• Discuss the advantages and disadvantages of a corporation, and the steps necessary to incorporate
• Distinguish between a general partnership and a limited partnership or a limited liability partnership
• Explain the differences between S corporations and limited liability companies
• Identify the three major types of franchises and discuss the pros and cons of franchising
• Explain the major legal protections for intellectual property rights
• Define and distinguish between patents and copyrights
• Discuss the importance of trademarks
• List the criteria that define a trade secret
• Identify the areas of employment law that are most relevant to entrepreneurs
• Define the four legal elements involved in forming a contract
• Discuss the Statute of Frauds and the types of contracts to which it applies
• Explain Article 2 of the Universal Commercial Code and how it applies to sales contracts
• Understand the basics of tax law as it applies to a business
• Identify the major areas of federal regulation that apply to businesses
• Understand basic legal principles applying to personal property
• Understand basic legal principles applying to real property
• Identify the legal means for transferring ownership of real property
• Identify the three types of bankruptcy defined under federal law

Key Features

•  Expert-supported
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•  Mobile-friendly
•  Accessible
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•  Badge and credit-awarding
•  Games & Flashcards
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•  Video content
•  Real-world case studies
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•  Audio-enabled in app