general corporation Close corporation Limited Liability Corporation
Smart Communications and Bank of the Philippine Islands are examples of close corporation in the Philippines. The ABS-CBN Broadcasting Corporation is another example.
characteristics of close corporation
A "Close Corporation" is generally a smaller corporation that elects close corporation status and is entitled to operate without strict formalities. It has more of a relaxed environment.
A "close corporation"
A close corporation has unlimited continuity. This means that it will continue to exist regardless of changes in the composition of the members.
A close corporation refers to a corporation that has been exempted from some of the formal rules that govern corporations. They are usually exempted from these rules because of the small number of shareholders that they have.
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