Which of the Following Must Be True for a Corporation

question 68

Multiple Choice

Which of the following must be true for a corporation to elect statutory close corporation status?

• A) The corporation must have 100 or more shareholders.
• B) The corporation must have 50 or fewer shareholders.
• C) The corporation must contain a board of directors.
• D) The corporation must have a set of bylaws.

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Definitions:

Rainfall

The total amount of rain that falls in a specific area over a specific period, often measured in millimeters or inches.

Collaboration

The action of working with someone to produce or create something, often involving shared goals and cooperative efforts.

Interest

The feeling of wanting to know or learn about something or someone.

Conflict Management

The practice of identifying and handling conflicts in a sensible, fair, and efficient manner.