Examlex
Effective groups generally have all of the following except:
Board of Directors
A group of individuals elected to represent shareholders and govern the corporation's affairs and decision-making processes.
General Partnership
A business structure where two or more individuals own and operate a business together, sharing all profits, losses, and liabilities equally, unless otherwise agreed.
Formalities
Specific procedures or ceremonial acts legally required to validate contracts, documents, or other legal actions.
Purported Partners
Individuals who appear to or claim to be partners in a business to the public, regardless of the legality of their partnership status.
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