Question

1.Miranda Wrights, a majority shareholder and director of a corporation leases her personal car in the name of the corporation. What options are available to the leasing company if Miranda does not make her lease payments?

a. Sue the corporation because the lease is in the corporate name.

b. Pierce the corporate veil by suing Miranda personally.

c. File a shareholder’s derivative suit against Miranda.

2. A franchisee’s relation with a franchisor is which of the following?  

a.An independent party contracting with the franchisor.

b.A partner.

c.An employee.

3. The place and time for a shareholders’ meeting is set forth in?

a. The corporate books and records.

b. The corporate bylaws.

c. The corporate Articles of Incorporation.

d. The corporate operating agreement.

Answer 1

Answer 2:

Option B is the correct answer(A partner)

Explanation:

The franchisor / franchisee relationship is a dependent relationship. The franchisor establishes business systems, the operating business, and grants franchisees the right to establish their own franchise location. As a franchisee, you have rights and obligations.

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