Author: Anonymous

Start-Ups, LLC, is a limited liability company without a written operating agreement. Among the members, a dispute arises concerning the division of profits. Under most LLC statutes, the profits will be

Some states require the termination of a franchise when there is no “good cause” for it to continue.

Ida and Jay are the shareholders and the directors of Keystone Property Management Inc. Lily and Mike are Keystone officers. The responsibility for the overall management of this firm rests with

A suit against a business or its employees may never lead to unlimited personal liability for the owner of a sole proprietorship.

Paradise Footwear buys a franchise from Quad Shoes Inc. This relationship, like all other franchise relationships, is governed by

The articles of incorporation can exclude or limit shareholders’ voting rights.

A sole proprietorship offers less flexibility than does a partnership or a corporation.

Dividends can be paid in the stock of corporations other than the corporation that is paying the dividends.

Directors must engage in self-dealing.

The articles of incorporation serve as a primary source of authority for a corporation’s business functions.