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Domestic | International trade (Types of Businesses (Exporting,…

- - - - Huge franchisee's fee/Royalty compared to South Korea
      - Many choices from convenience stores to food outlets and gas stations
      - Almost all marketing and products are dictated by franchisor
    - - 2nd biggest exporter in the world
      - Almost 1.5 TRILLION in exports
      - Big trading agreements such as NAFTA
      - Free Trade Agreements with 20 countries
    - - Many variants exist
        
        Limited partnership
        
        partnerships
        
        Limited companies
        
        limited liability partnership
      - International JV's require business to comply with international Trade Laws
      - Governed by state law as opposed to federal Law
    - - Easily bought by non-US citizens
      - No real restrictions
      - cannot buy LLC however
- - - - Must meet Korea's Fair Transactions Franchise Business Act
      - Must register with Korea Fair Trade Commission
      - Low fees paid by Korean franchisee's compared to United States
    - - in 2016, South Korea exported $483 Billion
      - 7th largest exporter in the world
      - One of the biggest phone exporter (Samsung)
    - - Not as predominant due to high costs
      - Much of staff needs to be local due to language or bilingual
      - Finding the right business transfer agent is key
      - Understanding finances or getting the right accountant
    - - Not defined in Korean Law
      - Corporate and contractual joint ventures are allowed in South Korea
      - Korean translated documents are necessary for purpose of registering a JV