Business Law

One who initiates and assumes the financial risks of a new enterprise and who undertakes to provide or control its management.

Any arrangement in which the owner of a trademark, trade name, or copyright licenses another to use that trademark, trade name, or copyright, under specified conditions or limitations, in the selling of goods and services.

One receiving a license to use another's (the franchisor's) trademark, trade name, or copyright in the sale of goods and services

One licensing another (the franchisee) to use his or her trademark, trade name, or copyright in the sale of goods or services.

The simplest form of business, in which the owner is the business; the owner reports business income on his or her personal income tax return and is legally responsible for all debts and obligations incurred by the business.