closed corporation

Definition

A corporation in which all of the voting stock is held by a few shareholders, such as management or family members. also called private company.

Use closed corporation in a sentence

You need to try and decide if you think it is best that you are a closed corporation if you think that would be better.

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It was a closed corporation and that meant that all the voting stock was held by a few shareholders like family members.

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In his family insurance agency, Brewster operated a closed corporation with his son, daughter, and grandson all with voting rights.

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close company closely held