Business Law Glossary: Q

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Qualification: The process by which a foreign corporation registers in a state of operation other than its state of incorporation.

Quasi Corporation: A business which has operated as a corporation without completing the legal requirements, often in the period just before formal incorporation.

Quorum: The number of people required to be present before a meeting can conduct business. Unless stated differently in bylaws, articles, regulations or other rules established by the organization, a quorum is usually a majority of members.

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