Asked by Carlos Iturralde on May 27, 2024

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In many states, close corporations have more flexibility in determining their rules of operation.

Close Corporations

Businesses characterized by a small number of shareholders, no public shares, and often more relaxed corporate governance standards.

Flexibility

The quality of being adaptable or variable in order to accommodate different circumstances or needs.

Rules of Operation

refer to established procedures or guidelines that govern the functioning or conduct of an organization, system, or process.

  • Absorb the fundamental aspects and unique attributes of close and benefit corporations.
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TK
Tedman Keddy

May 31, 2024

Final Answer :
True
Explanation :
Close corporations, due to their smaller size and fewer shareholders, often have more leeway in setting their own operational rules, allowing them to bypass some of the more rigid formalities that larger corporations must follow.