Asked by Caitlyn Pierson on Apr 25, 2024
Verified
The Statutory Close Corporation Supplement to the MBCA permits a corporation with ________ shareholders to elect to become a close corporation.
A) fewer than 100
B) 50 to 75
C) 75 to 100
D) fewer than 50
Statutory Close Corporation Supplement
A legal provision that allows a closely held corporation to operate with fewer formalities and more flexibility than is typical under corporate law.
MBCA
Model Business Corporation Act, a model set of laws prepared by the Committee on Corporate Laws of the American Bar Association to guide states in the preparation of their corporate statutes.
Close Corporation
A type of business entity with a limited number of shareholders and restricted stock trading, often operated by family members or close associates.
- Comprehend the protocols and statutory obligations associated with corporate governance, encompassing conventions and resolution-making processes.
Verified Answer
Learning Objectives
- Comprehend the protocols and statutory obligations associated with corporate governance, encompassing conventions and resolution-making processes.
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