I think you mean "close." One that is not public. The shares are not the subject of a public offering.
I was wondering. Could I reinstate a corporation that wasn"t mine to begin with?
closed corporation
no
They are a family owned corporation.
Herschend Family Entertainment Corporation was created in 1950.
The type of corporation which is the standard normal type of corporation is the general corporation. Other types of corporations include closed corporations, limited liability corporations and S corporations.
Closed Corporation
A farm cannot become a corporation. It can be owned and operated by a corporation. The family can file (with the secretary of state, or local equivalent) for a new corporation to be formed, then "sell" the farm to the corporation in exchange for "shares" (meaning management control and dividends). Or the family can actually sell the farm to an existing corporation for cash, or for shares of the existing corporation, or for a debt instrument (e.g., a promissory note).
A family corporation is a type of business entity that is owned and operated by members of a family. It is usually structured in a way that allows family members to have ownership and control over the company. Family corporations are commonly used to pass down wealth and assets to future generations and maintain family control over the business.
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.
zaibatsu
It is closed on family day.