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Under the Statutory Close Corporation Supplement to the MBCA, a close corporation may operate without a board of directors.
Statutory Close Corporation Supplement
Additional legal provisions or regulations applicable to a close corporation, closely held and not publicly traded, defined by statute.
MBCA
The Model Business Corporation Act, a set of laws proposed to standardize and regulate the incorporation and operation of businesses across the United States.
Board of Directors
A group of individuals elected by the shareholders of a corporation to oversee the management and strategic direction of the company.
- Gain an understanding of the duties and positions held by shareholders, directors, and officers in a corporation.
- Recognize the adaptability and constraints involved in establishing and managing a statutory close corporation.
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Learning Objectives
- Gain an understanding of the duties and positions held by shareholders, directors, and officers in a corporation.
- Recognize the adaptability and constraints involved in establishing and managing a statutory close corporation.
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