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.
One writer wrote, Disney is a strangely closed corporation. It has a level of controlling paranoia I had never encountered in my years of writing about American business.
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.
The choice between an LLC and a statutory closed corporation is a closer call.
Lopez gives a concrete example of 'a huge bear trap' that may befall family businesses that form closed corporations, where all shares are held by the family.