Today most state corporate statutes are at least partially based on the revised model business corporation act.
Step-by-step explanation:
A fundamental gathering of legislation drawn up by the American Bar Association's Business Law Section's Committee on Corporate Laws and adopted by twenty-four states is understood as a MBCA or Model Business Corporation Act. It has shaped the forming of U.S. corporate law principles.
MBCA's expanded adoption added considerable clarification to several ambiguity and other problems related to corporate law. The New Model Business Corporation Act (RMBCA), a updated version of the MBCA, now governs most states.