Asked by Samuella Agyemang on Jul 09, 2024
Verified
Which of the following is not a requirement for a de facto corporation?
A) An organization meeting was never held.
B) There is a valid statute under which the corporation could be organized.
C) The promoters make an honest attempt to organize under the statute.
D) The promoters exercise corporate powers.
De Facto Corporation
A business that operates as if it were a corporation although it has not completed the formalities required for legal incorporation.
Organization Meeting
An initial meeting held to complete the formation of an entity, where bylaws are adopted, officers elected, and other organizational matters decided.
Corporate Powers
The legal rights and authorities that a corporation possesses, including entering contracts, owning property, and conducting business activities.
- Understand the concept and requirements for a de facto corporation.
Verified Answer
Learning Objectives
- Understand the concept and requirements for a de facto corporation.
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