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 ?
That Sweden, Finland, and the canton of Zurich, areas where the bar was not a closed corporation, saw female physicians before attorneys suggests institutionalization is not a complete answer.
The court rejected the plaintiff's argument that because jasmine was a closed corporation, the defendants had a duty to treat it as a partnership and to respond to the plaintiffs request as if she were a partner.
You are sole proprietor, partner or shareholder of a closed corporation and you ask, "What is a buy-sell agreement and why do I need one?
The cabinet also approved, upon a request by the Minister of Transportation, to postpone converting APM Terminals, which is operating the Khalifa bin Salman Seaport, from a closed corporation, to an open one from April, 2014, to late 2014.
Street house Properties closed corporation submitted an application to purchase a portion of land for an amusement and recreational park.