For a new owner of an existing business, physical facilities and equipment costs are very similar to what would have been spent on a startup with all new facilities and equipment.

One way for a business buyer to avoid being surprised by liens against the assets purchased is to include a clause in the sales contract stating that any liability not shown on the balance sheet at the time of the sale remains the responsibility of the seller.

Small companies ________.

Carlos founded the “Taco Factory” 20 years ago as a family-oriented restaurant. Over the years as they grew the business, he incorporated and sold stock to outside investors. Recently the stockholders voted to seek liquor licenses and to sell beer and hard liquor in the restaurants. Carlos opposed this, citing the history of the restaurant’s “family” environment, but was voted down. Carlos has experienced which drawback of the corporate form of ownership?

Secondary research includes customer surveys.

One of the cautions with a niche strategy is that niches change.

A corporation receives its charter from ________.

Diversity may be considered a characteristic of entrepreneurs, as they don’t fit any statistical norm.

In the ________ form of ownership, the business itself pays income taxes.

The three principles (three Rs) of rapid prototyping are ________.