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The best franchisors view their field support function as a diplomatic opportunity.
Limited Liability
A legal structure that protects company owners' personal assets from being used to fulfill the company's debts and liabilities.
Limited Life
Partnership is dissolved by admission, withdrawal, or death of a partner. Although the partnership is dissolved, the operations of the business can continue.
Bankrupt
The legal status of a person or entity that cannot repay the debts it owes to creditors, leading to legal intervention for asset distribution.
Accounts Payable
Liabilities of a business that are due to creditors within a short period, usually one year, and are to be paid in cash or other current assets.
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