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Almost all state corporate statutes today are based on the revised model business corporation act.
In the United States, twenty-four states have adopted a MBCA, or Model Business Corporation Act, which is a basic gathering of legislation drafted by the American Bar Association’s Business Law Section’s Committee on Corporate Laws. As a result of this case, U.S. corporate law principles have been shaped.
The expanded adoption of MBCA clarified several ambiguities and other problems related to corporate law. New Model Business Corporation Act (RMBCA), an updated version of the MBCA, now governs most states.
The correct word to fill in the blank space is: Revised Model Business Corporation Act.
Model Business Corporation Act (MBCA) governs corporate law in the United States. In order to determine whether owners were personally liable for debts of corporations, the Act was enacted in order to eliminate any ambiguity.he Revised Model Business Corporation Act (RMBCA) rules that concept and adopted some other features to bring claradds some other features to clarify
