Tax Accounting, LLC, is a member-managed limited liability company. If the law in Tax Accounting’s state is like the law in most states, unless the members have agreed otherwise, decisions are made according to

Laura owns and operates Meditation Center without creating a separate business organization. She receives all the profits from the fees for the classes and the sales of the center’s merchandise. This is most likely

A partner has a duty to devote time, skill and energy on behalf of the partnership business.

A cooperative cannot be incorporated.

A cooperative cannot be incorporated.

A partner always has the power to dissociate from the partnership.

Fact Pattern 3-2 Kristin and Lindsey are partners in Mobile Devise, an online marketing firm. Refer to Fact Pattern 3-2. Kristin signs a contract with Nature’s Best Chocolate, a candy maker, apparently on Mobile’s behalf. The contract is binding on

A limited partnership cannot be dissolved by court decree.

A partner may pursue his or her own interests so long as his or her actions do not violate the duty of loyalty or care to the partnership.

To pierce the corporate veil means to reveal the identity of its true owner.