Close Corporation, Glossary and Terms, Attorney's office, Personal Lawyer
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"Close Corporation" - Attorney Glossary Terms and Abbreviations
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.