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Closed Corporation
(redirected from Closely Held Corporations)

    Also found in: Dictionary/thesaurus, Financial 0.01 sec.

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.
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Management Structure of Typical Closely Held Corporations Shareholders = Directors = Officers The result is that many statutory requirements of corporations--such as annual meetings of shareholders, elections of directors and appointment of officers--are simply formalities.
Corporate governance and maintaining the corporate veil by The Business Owner
In contrast, the IRS has consistently used [section] 162(a)(1) to limit corporate deductions for executive compensation paid by closely held corporations, since closely held corporations lack the commercial checks and balances of their publicly traded brethren.
Taxing unreasonable compensation: (section) 162(a)(1) and managerial ... by Zelinsky, Aaron S.J. / Yale Law Journal
From the planning standpoint of a closely held corporation, the goal should probably be to reduce to the extent possible the administrative burden; many closely held corporations have limited administrative and clerical personnel.
Depreciation options for avoiding corporate AMT adjustments and ... by Ellentuck, Albert B. / The Tax Adviser
 
 
 
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