Business Аssociations

B.corporations Distinguished From Other Forms Of Business Associations.It is sufficient to state that the purpose of the corp is to engage in any lawful business activity.If yes, then it is within the firm’s line of business.Freely alienable (shares can be sold) .Transferability of Interests--a partner cannot make a transferee a member of the p’ship.A buyout may be reduced by damages if dissociation was wrongful.Statutory reforms--many state statutes specifically allow a p’ship to be sued in its own name.Other states make all p’ship liabilities joint and several.Other reforms provide that not all joint obligors need to be joined in a suit.There is no exclusion for liability for contractual obligations.