In the common business parlance, the business corporation finds the setup to be very productive, as fewer statutory liabilities need to be followed. A close corporation is a company the share of which is usually held by the selected individuals. Such a corporation is closely held and is unlisted and unquoted. Close corporations are companies that are usually held by a small band of persons who are closely associated with the affairs of the company. They are also denoted by the name of the family corporations, and also among other names. The companies are not publicly traded, and the general investors are not allowed to invest in them. The shares are held by the managers, owners, and other similar entities. The closed corporations are stated to be more beneficial than the normal companies, as they are free from the requirements of reporting and are not answerable to the shareholders. The drawback of companies is that they have a barrier to investment non-liquidity. The important aspect of the closed corporation is that they are not publicly traded and are not listed in the stock exchanges. The burden imposed based on the reporting requirement is relatively relaxed compared to the standard corporations. The close corporations are not required to portray financial statements or disclose the financial outlook. The level of secrecy presented in the close corporation does not allow the competitors to snoop into the company’s work. The companies must meet the various requirement to achieve to become a close corporation.
Features of Close Corporation
A close corporation is a company that does not raise funds from the public, and the operations are limited to a small number of the shareholders to gain supreme control over the functioning of the company. The norms concerning the close corporations are relaxed in comparison to the standard corporations. In the United States, the close corporations are formed based on acts/ statutes based on the state government. The features of the close corporation are stated as follows:
The shares of the closed corporation are not traded in the stock market. The general public is not involved in the management of the company.
A small number of people are involved in the affairs of the business and procures a share of the company.
The management functions resemble that of the partnership entity. The owners of the close corporation are the managers of the business and also provide funds to the company, which closely resembles the arrangement of a partnership company.
Except for the filing of the incorporation documents, the requirements that the close corporation needs to adhere to are limited and less in number.
Few members are involved in the affairs and operation of the business.
Many advantages are attached to the close corporation. Firstly, some formalities are needed to be followed. The mandatory documents that are needed to be mandated are the documents of incorporation. The management enjoys better flexibility in the operations of the business. The decision in the close corporations is easier to take forward to as the members are limited in number. The operations of the close corporations are easier to run as the members are limited in number. In a close corporation, there is a greater responsibility to run the business as the funds that are needed to run the business are limited in amount.
Statutory Norms in the United States and Closed Corporation
The corporation laws in the United States were revolving around the concept of the public corporation, leaving the thinkers clueless as to what stage the close corporation stands. The position. In the 1950s, the close corporation laws were in the paradox. The general trend has always been to grant incorporators and managers the leeway that is needed for the incorporation of the business. There has been a formulation of the laws that have been revolving around the corporations, but the close corporations did not benefit from the same. In the early 20th century, the law revolving around the close corporation particularly became inflexible. The close corporations faced a lot of problems during the incorporation of the company, and the law was not on their side. The corporation law was modified over the period, and the flexibility was given to the managers as to what they wanted, as to public traded company or close corporation. Still, there was no solid law that mandated/regulated close corporations in the substantial or the terms. When careful observation is made, it is stated that the partnership laws also did not benefit the close corporation as there are substantial differences between the two. There is still a need for single, standalone law to be formulated that will govern and outreach the close corporations.
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