All of a Certain Corporation's Small Number of Shareholders Agree

question 84

Multiple Choice

All of a certain corporation's small number of shareholders agree that the firm can operate without directors, bylaws, shareholder meetings, stock certificates, and formal records of shareholders' decisions. This firm is most likely

• A)a close corporation.
• B)a corporation by estoppel.
• C)a de facto corporation.
• D)a de jure corporation.

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Definitions:

Seniority Based

A system or process where priority, preference, or decisions are made based on the length of time an individual has held a position or been part of an organization.

Management Decision

Actions or resolution made by business leaders or managers concerning the strategic operation, personnel, or policies of a company.

Med-Arb

A hybrid dispute resolution process combining aspects of mediation and arbitration, where a mediator may become an arbitrator if issues cannot be resolved through mediation alone.

Neutral Third Party

An impartial entity involved in resolving disputes or negotiations between two other parties.