Closed Corporation

(redirected from Closely-Held Corporation)
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Related to Closely-Held Corporation: privately held corporation, S 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 ?
Alternative Structures for the Sale of a Closely-Held Corporation
This tax structure clearly contrasts with the sale of assets where the seller corporation is taxed on the business sale and the closely-held corporation shareholder is also taxed on the distribution of the business sale proceeds.
Sam has a basis of $1,000,000 in his stock in this closely-held corporation.
In addition, Lee has extensive experience with closely-held corporations, international taxation and pass-through entities.