For Many Entrepreneurs,one of the Challenges of Their Growing Enterprise

question 33

True/False

For many entrepreneurs,one of the challenges of their growing enterprise is having to share decision-making and operating responsibilities with those hired to support the enterprise.

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Definitions:

Secretary Of State

is a high-ranking official in the government, responsible for foreign affairs in some countries, or overseeing various governmental and administrative duties in others.

De Facto Corporation

Latin for “corporation in fact”; a corporation that has not substantially met the requirements of the state incorporation statutes.

Corporation By Estoppel

A defective corporation that has conducted business with a third party and therefore cannot deny its status as a corporation to escape liability.

De Jure Corporation

Latin for “lawful corporation”; a corporation that has met the mandatory statutory provisions and thus received its certificate of incorporation.