Knowledge Check: Chapter 14 Quiz (20-Points) Chapter 14 1) The Founders' Agreement is a formal, clear agreement between business partners (entrepreneurs) on a number of key issues to establish company and its operational procedures to include Protections for founders from disagreements in the future. All of these areas. How money (profits) will be used by the company. How equity (shares) will be divided between partners. Question 2 2 pts 2) When considering hiring legal experts for a startup, it is important to consider if they work for big companies. whether they have experience with startups and the industry. whether a colleague or friend has recommended them. if the legal fees are fair and reasonable. 3) True or False: Legal fees will vary with the complexity of the startup business. True False Question 4 2 pts 4) Which organizations offer startups legal expertise and assistance at reduced-fees or free (pro bono)? United States Patent \& Trademark Office (USPTO) Small Business Administration (SBA) university law schools All of these organizations. Question 5 1 pts 5) Which is the biggest advantage of being a sole proprietor? Being subject to all liabilities. Unlimited access to small business loans. Being entitled to make all the business decisions and keep all the profits. Minimal legal risk