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Statutory Close Corporation Supplement
A legal provision allowing a closely held corporation to operate with less formal procedures than are required of other corporations.
Fewer than 100 Shareholders
A characteristic of some business entities, like S-corporations, which limits the number of shareholders to maintain eligibility for certain tax benefits.
Model and Revised Acts
Model and Revised Acts are standardized legislative drafts provided as a suggestion for lawmaking bodies to adopt or adapt, aiming to create uniformity across jurisdictions.
Diversity of Citizenship
A legal requirement for federal jurisdiction, where parties involved in a lawsuit are citizens of different states or countries.
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