close corporation

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close corporation

n. a corporation which is permitted by state law to operate more informally than most corporations (allowing decisions without meetings of the Board of Directors) and has only a limited number of shareholders. Usually a close corporation's shareholders are involved in the actual operation of the business and often are family members. (See: corporation)

Copyright © 1981-2005 by Gerald N. Hill and Kathleen T. Hill. All Right reserved.
References in periodicals archive ?
1997: Pat Murray at Blissful Meadow C.C., 15th hole
C.C.: I guess it's one of my favorite sayings--If you're not making mistakes, you're not doing anything.
RESULTS ( Tyne Vags Mountain Time Trial: 1 Keith Murray (Team Scott UK) 47 miles in 02-00-50; 2 M Gibson (Houghton C.C.) 2-02-58; 3 S Campbell (Houghton C.C.) 2-06-05; 4 D Bell (Derwentside C.C.) 2-06-23; 5 I Taylor (Sunderland C.C.) 2-07-09; 6 P Caswell (Harrogate Nova C.C.) 2-08-27; 7 G Ayers (Newport C.C.) 2-09-56; 8 C Little (Derwentside C.C.) 2-10-08; 9 G Mount (Bannatyne C.R.T.) 2-10-28; 10 B Phillips (East Grinstead C.C.) 2-10-33.