Closed Corporation

(redirected from Closely-Held Companies)
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Related to Closely-Held Companies: closely held corporation, Privately held companies

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 ?
For closely-held companies, SFAS 132 eliminates two additional disclosures.
However, all these disclosures are an integral part of the presentation required for closely-held companies and would be intermingled in one footnote.
Financial details of the agreement between the closely-held companies were not announced.