closed corporation

closed corporation
close corporation or closed corporation
1. Gen Mgt
a public corporation in which all of the voting stock is held by a few shareholders, for example, management or family members. Although it is a public company, shares would not normally be available for trading because of a lack of liquidity.
2. (S. Africa) Fin
a business registered in terms of the Close Corporations Act of 1984, consisting of not more than 10 members who share its ownership and management.
Abbr. CC

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