Functions as a partnership Sample Clauses

Functions as a partnership. Finally, a shareholders’ agreement may provide that the corporation shall operate like a partnership in its management or the relationship among the shareholders, directors, and corporation, so long as the agreement is not contrary to public policy.72 However, a shareholders’ agreement that 64 Sec. 21.101(a)(1). 65 Sec. 21.101(6). 66 Sec. 21.101(5). 67 Sec. 21.101(7). 68 Sec. 21.101(8). 69 Sec. 21.101(9). 70 Sec. 21.101(10). 71 Sec. 21.101(11). 72 Sec. 21.101(12). provides that the corporation will act like a partnership does not impose personal liability on the shareholders, as would be the case in a partnership.
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