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Dissociation normally entitles the partner to buy his or her interest from the partnership.

Directors can delegate work to corporate officers and employees.

An agreement between shareholders can restrict the transfer of a close corporation’s stock.

A limited liability company can be held liable for any loss or injury caused by the wrongful acts or omissions of its members in the course of business.

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.