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A corporation cannot be formed for purposes other than making a profit.

A franchisee is generally economically independent of the franchisor’s integrated business system.

Carlo is a director of Desserts Italiano, Inc. Carlo opposes a tender offer that is in the company’s best interest because its acceptance would cost his position as a director. Carlo is most likely liable for a breach of

If a dispute arises and the applicable limited liability company statute does not cover the issue, a court will most likely dismiss the case.

The duration of a franchise is determined by federal or state statutes.

Some states have passed laws prohibiting the withdrawal of limited partners from a limited partnership.

Joint venturers do not have the authority as agents to enter into contracts for the business that will bind the joint venture.

​A publicly held corporation is any corporation whose shares are publicly traded in a securities market.

For shareholders to act during a shareholders’ meeting, a quorum must be present.

In winding up a general partnership, creditors are paid before partners receive their capital contributions.