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California Close Corporation |
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CALIFORNIA CLOSE CORPORATIONA California Close Corporation is a corporation whose shares are not freely traded and are held by a limited number of people. In a California Close Corporation, it is owned and operated by a few individuals, often members of the same family, rather than by public shareholders. Shareholder's are actively involved in managing and operating the corporate business. State laws permit close corporations to function more informally than regular corporations and shareholders ordinarily will agree through a written Shareholder's Agreement how management decisions are made and what restrictions may apply to the sale of stock.
There are a few significant differences between a general corporation and a close corporation: A close corporation limits stockholders to a maximum of 35. Statutes require that the directors of a close corporation must first offer the shares to existing stockholders before selling to new stockholders. Not all states recognize close corporations. Shareholders can make decisions without holding meetings of the board of directors. Shareholders can fill vacancies on the board without a vote of the shareholders.
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