State laws usually permit a ________ to significantly depart from corporate formalities.

Question

Quizplus · Accepted Answer

Close corporations are specifically designed to be more flexible in terms of corporate formalities. State laws permit close corporations to significantly depart from some of the formalities required by C corporations or S corporations. This allows the shareholders to have more control over the decision-making process and operations of the corporation.

State Laws Usually Permit a ________ to Significantly Depart from Corporate