In most states, an individual can be an officer or a director of a corporation, but not both at the same time.

A vacancy on the board of directors can be filled by the board itself.

​An alien corporation is a corporation formed by a local corporation’s competitor.

A third party can never sue one of the partners of a partnership without suing all members of the partnership.

Selections, a general partnership, operates a gift shop. Selections has five partners. Tony has a one-third interest in the partnership. Each of the other partners has a one-sixth interest. With respect to management decisions

​An alien corporation is a corporation formed by a local corporation’s competitor.

Selecting the state in which to incorporate is an important step in the incorporation procedure.

Chet is a partner in Diligent Accounting Service. Chet can inspect Diligent’s books and records

A sole proprietor pays personal and business income taxes on the business’s profits.​

In some states, a shareholder who receives watered stock may be liable to creditors of the corporation for unpaid corporate debts.