Closed Corporation


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Related to Closed Corporation: closely held corporation

Closed Corporation

A type of business corporation that is owned and operated by a small group of people.

A closed corporation is also known as a close corporation, a family corporation, an incorporated partnership, and a chartered partnership. In this type of corporation all of the functions are usually performed by the same parties. These individuals serve as shareholders, officers, and directors and are involved in the management and operation of the business. A closed corporation differs from a publicly held corporation since its stock is neither issued nor traded to the public at large.

References in periodicals archive ?
Street house Properties closed corporation submitted an application to purchase a portion of land for an amusement and recreational park.
The choice between an LLC and a statutory closed corporation is a closer call.
During the month under review, a major increase in company registrations was witnessed, both for closed corporations (up 21% month on month) and defensive names (up over 100% month on month).