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The franchise agreement may specify whether the premises for…

The franchise agreement may specify whether the premises for the business must be leased or purchased outright.

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In a limited liability company, the management may consist o…

In a limited liability company, the management may consist of members or nonmembers, but not both.

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In most states, a limited liability company can have only a…

In most states, a limited liability company can have only a limited number of members.

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Unlike most agents, each partner in a partnership has an own…

Unlike most agents, each partner in a partnership has an ownership interest in the business.

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Unlike most agents, each partner in a partnership has an own…

Unlike most agents, each partner in a partnership has an ownership interest in the business.

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A business that holds itself out as being a corporation may…

A business that holds itself out as being a corporation may not be able to deny corporate status, even if it makes no attempt to incorporate.

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In a manufacturing arrangement, a franchisor transmits to a…

In a manufacturing arrangement, a franchisor transmits to a franchisee the essential ingredients or formula to make a particular product.

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Charlie, Dora, and Ethel are the first directors on the boar…

Charlie, Dora, and Ethel are the first directors on the board of Face Time Corporation, a social media host. Subsequent directors are elected by a majority vote of Face Time’s

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In certain instances of fraud, a court may “pierce the corpo…

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

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Foreign investors cannot participate in a limited liability…

Foreign investors cannot participate in a limited liability company.

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