Closed Corporation

(redirected from Closely Held Companies)
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Related to Closely Held Companies: Public 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 ?
The AICPA has also proposed new auditor independence rules that do not distinguish between SEC clients and closely held companies.
Because the market values of closely held companies are rarely known, the test used only publicly traded firms.
CPC was established in June 1997 to address the professional needs of those members in private and closely held companies, and to provide a voice for their interests, both within FEI and externally--before appropriate governmental and regulatory bodies.
Many closely held companies are considered small to middle market companies; they exhibit specific attributes that distinguish them from their larger publicly traded counterparts.
For many closely held companies, the LLC and LLP are attractive organizational alternatives to S corporations, general and limited partnerships and professional corporations.