With the possible exception of statutory close corporations, all business corporations are required to elect a board of directors and to have a board of directors at all times.

Question

Quizplus · Accepted Answer

All business corporations, except for some specific types like statutory close corporations which may operate without a traditional board of directors under certain conditions, are generally required by law to elect a board of directors and maintain this governance structure to oversee the corporation's affairs and make major decisions.

With the Possible Exception of Statutory Close Corporations, All Business