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.

For a union election to be held, at least 30 percent of the workers to be represented must support a union or an election on unionization.​

The Equal Pay Act and other federal laws permit employers to engage in gender-based wage discrimination.​

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

In a limited partnership, every partner has full responsibility for the partnership and for all its debts.​