Bay City Merchants Corporation has six shareholders, four of whom are members of the same family. All of Bay City’s shareholders agree in writing to operate without shareholders’ meetings. Under the Revised Model Business Corporation Act, this most likely warrants

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

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.

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

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

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

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.