That depends on the state, but usually the features consist of the following:
Close corporations are usually exempt from certain rules governing corporations, because of the small number of shareholders. They are usually run directly by the shareholders, without a board of directors, etc.
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.
general corporation Close corporation Limited Liability Corporation
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A "close corporation"
features of conglomerate
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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Close Corporation major features:A close corp is a legal entityAudited financial statements are not requiredMeetings are not compulsory and can be held on an ad hoc basisMay become shareholders in other companiesAll members may take part in managementThe proprietor or member is not personally liable for the debtsThe legal procedures for registration and administration of closed corp are kept relatively simple
A transnational corporation usually has locations and employees in different countries. The corporation also generally pays taxes in different countries.
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