What is a Close Corporation
What is a Close Corporation?

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What is a Close Corporation?

A Close Corporation is a small Corporation which does not have to operate with all the legal formalities of a standard Corporation. C Corporations are required to have annual shareholders meetings. A Close Corporation is not required to conduct annual meetings of the shareholders. In addition shareholders in a Close Corporation may take a more active roll in making decisions and the day to day operation of the Corporation.

A Close Corporation is limited in the number of shareholders that it may have. The limit is usualy around 30 shareholders. Small companies and families form Close Corporations to avoid the complexities of stock issuance and other Corporate requirements.

State laws regarding Close Corporations vary and not all states allow Close Corporations.

In order to form a Close Corporation, a written shareholders agreement must be agreed to by all shareholders.
CORPORATE GLOSSARY
 
Administrative Dissolution
Agent for Service of Process
Apostille
Apportionment
Articles of Incorporation
Articles of Organization
Assumed Name
At Will LLC
Authorized Shares
B Corporation
Benefit Corporation
Board of Directors
Business Dissolution
Business Entity
Bylaws
Certificate of Existence
Certificate of Status
Certified Copy
Close Corporation
Common Stock
Conversion
Corporate Bylaws
Corporate Name Reservation
Corporate Stock
DBA
Disregarded Entity
Dividends
ESOP
Excise Tax
Federal Tax ID
Ficticious Name
Foreign Qualification
Franchise Tax
General Partnership
Good Standing Certificate
Incorporator
Involuntary Dissolution
IRS Form 966
ITIN
Limited Liability Company
Limited Partnership
Liquidation
LLC
LP
Majority Shareholder
Meetings
Merger
Nexus
Non-Stock Corporation
Nonprofit Corporation
Obligated Member LLC
Organizer
Paid-in Capital
Paid-in Surplus
Par Value
Personal Service Corporation
Preferred Stock
Privilege Tax
Professional Corporation
Professional Service
Proxy
Registered Agent
Registered Office
Reporting Requirements
Revocation
S Corporation
Series LLC
Service Mark
Shareholder
Sole Proprietor
Stated Capital
Statutory Agent
Stock Certificate
Term LLC
Trade Name
Trademark
Trust
Trustee
Winding Up
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