close corporation

English - English

Definition of close corporation in English English dictionary

Contract carrier

A corporation that elects in its articles of incorporation to be registered under the close corporation statutes of their state of incorporation Some state close corporation statutes provide for a maximum number of shareholders In addition, close corporation statutes may eliminate or limit the powers of the board of directors, prescribe preemptive rights to the shareholders or relax the corporate formalities Exact specifications vary by jurisdiction Not all state statutes provide for a close corporation provision

= A corporate form of business controlled and operated by a small, close group of persons such as family members The corporation's stock is not sold to outsiders

A corporate business that has substantially identical ownership and management interests Generally, a small group of individuals owns the company as shareholders, controls it as directors and operates it as officers

a corporation owned by a few people; shares have no public market

Hyphenation

close cor·po·ra·tion

Turkish pronunciation

klōs kôrpıreyşın

Pronunciation

/ˈklōs ˌkôrpərˈāsʜən/ /ˈkloʊs ˌkɔːrpɜrˈeɪʃən/