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In many states, close corporations have more flexibility in determining their rules of operation.

A franchisee is not generally legally independent of the franchisor.

Corporate officers are selected and removed by shareholders.

Luke and Maya form Northeast Air Express, a general partnership. The essential elements of this partnership do not include

The board of Management Consultants, Inc., can delegate some of its responsibilities to

Rita and Susan want to form and do business as Trips & Travel, Inc. They will serve as the firm’s directors and officers, and will initially hold all of the stock in the company. A corporation is owned by

The members of a limited liability company have unlimited liability for any loss or injury caused by the wrongful acts or omissions of the firm.

The board of Management Consultants, Inc., can delegate some of its responsibilities to

The members of a limited liability company have unlimited liability for any loss or injury caused by the wrongful acts or omissions of the firm.

Limited liability companies (LLCs) are governed by federal LLC statutes.