Glossary of most frequent business formation terms
A B C D E F G H I J L M N O P Q R S T U V W
-Q-
Qualification
Quorum
-Q-
Qualification
The filing of
required documents by a foreign corporation to secure a certificate of
authority to conduct its business in a state other than the one in which it was
incorporated. Limited liability companies or similar business entities may also
conduct this process.
Quorum
The minimum
number of people who must be present or must provide a proxy to vote at a
meeting in order for a vote to be legally effective. A
quorum is achieved through a meeting of the majority of the directors or with
the majority of outstanding shares represented. Note that the percentage needed
for quorum may be modified in the bylaws.
