Close Corporation

What is it? A corporation owned and operated by a few individuals, often members of the same family, rather than by public shareholders. State laws permit 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 vote of the shareholders.

Added By: Blake

Send To Friends!

If you'd like to send the Close Corporation definition to yourself or to your friends/colleagues, just enter the e-mail addresses in the boxes below -

We hope you now understand the meaning of Close Corporation. If you need any more information on this term, please don't hesitate to contact us.