Question

Today most state corporate statutes are at least partially based on the . A corporation is an artificial being, existing only in law and neither tangible nor visible. Owners of corporations may be natural persons or other businesses.

Answer 1

Answer:

The correct word for the blank space is: Revised Model Business Corporation Act.

Explanation:

The United States corporate laws are regulated by the Model Business Corporation Act (MBCA). The Act was born as a need for disambiguation of liabilities incurred by corporations where it was not clear if owners were personally liable for debts of the organization. Nowadays, the Revised Model Business Corporation Act (RMBCA) rules that concept and adopted some other features to bring clarity when it comes to corporate obligations.