Close Corporation
Close Corporation
DEFINITION
A close corporation is a corporation that is exempt from man y formal rules usually governing corporations, because of the small number of shareholders. The specifics vary by state, but usually a close corporation must not be publicly traded, and must have fewer than a set number of shareholders (usually 35). A close corporation can generally be run directly by the shareholders without a formal board of directors and without a formal annual meeting.
A smaller corporation that elects close corporation status. A corporation whose shareholders and directors are entitled to operate much like a partnership. The close corporation election is made at the state level, and state laws vary with respect to the eligibility of close corporation status and with respect to the rules governing them. Some states do not authorize them.
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