close corporation

close corporation
close corporation see corporation

Merriam-Webster’s Dictionary of Law. . 1996.

close corporation
A corporation owned and operated by a few individuals, often members of the same family, rather than by public shareholders. Close corporations are regulated by state close corporation statutes, which usually limit the number of shareholders to 30 or 35 shareholders and require special language in the articles of corporation. In exchange for following these requirements, state law usually permits close corporations to function more informally than regular corporations. For example, shareholders can make decisions without holding meetings of the board of directors and can fill vacancies on the board without a formal vote of the shareholders. Compare: closely held corporation
Category: Business, LLCs & Corporations → LLCs, Corporations, Partnerships, etc.

Nolo’s Plain-English Law Dictionary. . 2009.

close corporation
A company owned and operated by a small number of stockholders and whose shares are not publicly traded. This term can also be used to refer to a statutory close corporation. However, a statutory close corporation is a distinct entity established by state statute that must satisfy a specific set of conditions.

Practical Law Dictionary. Glossary of UK, US and international legal terms. . 2010.

close corporation
   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 also: corporation

Law dictionary. . 2013.

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Look at other dictionaries:

  • Close corporation — Close Close (kl[=o]s), a. [Compar. {Closer} (kl[=o] s[ e]r); superl. {Closest}.] [Of. & F. clos, p. p. of clore. See {Close}, v. t.] 1. Shut fast; closed; tight; as, a close box. [1913 Webster] From a close bower this dainty music flowed. Dryden …   The Collaborative International Dictionary of English

  • Close corporation — Corporation Cor po*ra tion (k[^o]r p[ o]*r[=a] sh[u^]n), n. [L. corporatio incarnation: cf. F. corporation corporation.] A body politic or corporate, formed and authorized by law to act as a single person, and endowed by law with the capacity of… …   The Collaborative International Dictionary of English

  • close corporation — [klōs] n. a corporation in which a few persons hold all of the stock, which is rarely or never placed on the market: also closed corporation …   English World dictionary

  • close corporation — noun a corporation owned by a few people; shares have no public market • Syn: ↑closed corporation, ↑private corporation, ↑privately held corporation • Hypernyms: ↑corporation, ↑corp • Hyponyms: ↑ …   Useful english dictionary

  • Close Corporation — Die Close Corporation, in manchen Staaten auch C Corporation genannt, ist eine spezielle Form der Aktiengesellschaft für kleine und mittlere Unternehmen und steht für: Close Corporation (Südafrika), die Form einer Gesellschaft in Südafrika. Close …   Deutsch Wikipedia

  • close corporation —    A corporation that is permitted by state law to operate more informally than most (e.g., making decisions without meetings of the board of directors) and that has a limited number of shareholders often family members rather than public… …   Business law dictionary

  • Close Corporation (Südafrika) — Eine Close Corporation (CC) ist eine in Südafrika existierende Unternehmensform. Sie wurde 1984 von der damaligen Regierung eingeführt, kleineren Unternehmen zu ermöglichen ein günstiges, beschränkt haftbares Unternehmen zu gründen, welche eine… …   Deutsch Wikipedia

  • Close Corporation Plan — A form of business buy sell agreement. Close Corporation Plans stipulate that the surviving partners must purchase all of the shares owned by the deceased partner or owner. The plan outlines the method of funding as well as the price at which the …   Investment dictionary

  • close corporation — A corporation in which the officers and directors have the power to fill vacancies in office without submitting the choice to the stockholders; another term for a family corporation, in which the most of the stock is held by members of one family …   Ballentine's law dictionary

  • close corporation — noun Date: circa 1902 a corporation whose stock is not publicly traded but held by a few persons (as those in management) …   New Collegiate Dictionary

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