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Shareholders associate together to own a business enterprise in corporate form. The nature of this association requires that an individual shareholder accept less than exclusive control over the enterprise and live with some form of collective decision making. In fact, corporate law divests shareholders of direct decision-making power and, instead, vests it in a board of directors elected by shareholders. Despite this divestiture, shareholders voluntarily step into these associations in the hope of obtaining a share in the enterprise's profits.

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Pepperdine Law Review



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