Closed Corporation

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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 ?
First, the form of the sale could directly affect the pricing of the closely-held corporation sale transaction.
Consideration of the alternative forms of a closely-held corporation sale should also be relevant to the parties in interest to a litigation.
In addition, Lee has extensive experience with closely-held corporations, international taxation and pass-through entities.