A preference occurs when a debtor transfers property or money favoring one creditor over others.​

Before filing for bankruptcy, a consumer-debtor must receive credit counseling.​

Typically, the franchisee determines the territory to be served by the franchise.​

Corporate officers are selected and removed by shareholders.​

All forms of business organizations are treated as legal entities separate from their owners.​

In many states, close corporations have more flexibility in determining their rules of operation.​

A limited liability company is a citizen of the state in which its main investor resides.

In certain instances of fraud, a court may “pierce the corporate veil” to hold the shareholders individually liable.​

Riverside, a general partnership, operates a bait-and-tackle shop. Riverside has five partners. Steve has a one-third interest in the partnership. Each of the other partners has a one-sixth interest. With respect to management decisions​

If a seller fails to deliver the goods, the buyer can purchase other goods to substitute for those due under the contract, but cannot then sue for consequential damages.