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

Question

Quizplus · Accepted Answer

To elect statutory close corporation status, the corporation must have 50 or fewer shareholders, thereby limiting the number of shareholders who can buy, sell or transfer shares. This type of corporation is often used by family-owned businesses or closely-held businesses with a limited number of shareholders who want to retain control over the company. The other options are not relevant for electing statutory close corporation status.

Which of the Following Must Be True for a Corporation