A Chef Wants to Open a Chinese Restaurant in the Suburbs

question 20

Essay

A chef wants to open a Chinese restaurant in the suburbs of a large city. How should she identify the competition?

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Definitions:

De Facto Corporation

A business that operates as if it were a corporation although it has not completed the formalities required for legal incorporation.

Organization Meeting

An initial meeting held to complete the formation of an entity, where bylaws are adopted, officers elected, and other organizational matters decided.

Corporate Powers

The legal rights and authorities that a corporation possesses, including entering contracts, owning property, and conducting business activities.

Transfer Restriction

Legal limitations or conditions placed on the transferability of an asset or security.