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Which of the following is a limitation of a statutory close clause? 

Hachi Co. buys a less accomplished firm by directly signing a deal with the target firm’s shareholders. The move is aggressively opposed by the board of directors and the executive team of the target firm. This is an example of a _____.

Zappa Company, a mid-sized corporation, is only allowed to have 40 stockholders at any point of time. However, all stockholders of the company can actively participate in the management of the company while still maintaining limited liability. Given this information, Zappa Company is most likely a(n)__________.

Kahoni  Incorporated  does not face the problem of double taxation as the Internal Revenue Service (IRS) does not tax the earnings of the company separately. Instead, taxes are only levied on the personal income of the stockholders. A limitation, however, is that the company is only allowed to have a maximum number of 100 stockholders at a time. Given this information, Kahoni Incorporated is a(n) _____.

Several prominent owners of an iron ore mining company pass away within a period of three years. However, the company continues to operate, as it remains financially viable and a majority of its stockholders wish for the continuation of the business. In this scenario, the iron ore mining company is an example of a _____.

All owners of a _____ can actively participate in management while still having limited liability.

Similar to a corporation, all owners of a limited liability company (LLC) ________.

Yadira works for an organization whose earnings are exempt from federal and state income taxes. The organization is barred from funding any political campaign. Given this information, Yadira most likely works for a(n) ________.

Arvin, a German man, wishes to be a stockholder in a technology company in the United States. However, he is told that he cannot buy shares of the company as he is neither a U.S. citizen nor a permanent resident of the country. Besides this, he can only become a stockholder if any of the current stockholders decide to sell their shares as the company already has 100 stockholders. Given this information, it can be assumed that Arvin wants to be a stockholder of a(n) _____.

A premium brand of women’s perfume introduces a new line of floral smells and licenses its franchisees to sell this product. However, the brand retains the production rights. This scenario exemplifies a(n) _____.