Charles and Ellen,an Unmarried Couple,run an Ice Cream Store

question 36

Multiple Choice

Charles and Ellen,an unmarried couple,run an ice cream store.The business is not incorporated and they have filed no formation papers with the state.Their business is a:

• A) sole proprietorship.
• B) partnership.
• C) joint venture.
• D) limited liability company.

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Definitions:

Brand Licensing

A legal agreement where a brand owner permits another party to use its brand, logo, or product names in exchange for a fee or royalty.

Trademark

A distinctive sign, design, or expression that identifies products or services of a particular source from those of others.

Royalty

Royalties are payments made to copyright or patent holders, or to the owners of other types of intellectual property, in exchange for the right to use their work over a period.

Contractual Agreement

A legally binding contract specifying agreements between parties that outlines the terms and conditions of their arrangement.