Assertion: close corporation | /r/HasProperty | exempt
Facets:
value: from the rules
type: OTHER
value: from regulations
type: OTHER
Source sentences:
text: As such, a close corporation is exempt from the rules and regulations that apply to general stock corporations, such as those requiring formal annual meetings, a board of directors, and annual reports.
text: A close corporation is one that has been exempted from the formal rules that govern a corporation.