Close corporation

Close corporation
Corporation Cor`po*ra"tion (k[^o]r`p[-o]*r[=a]"sh[u^]n), n. [L. corporatio incarnation: cf. F. corporation corporation.] A body politic or corporate, formed and authorized by law to act as a single person, and endowed by law with the capacity of succession; a society having the capacity of transacting business as an individual. [1913 Webster]

Note: Corporations are aggregate or sole. {Corporations aggregate} consist of two or more persons united in a society, which is preserved by a succession of members, either forever or till the corporation is dissolved by the power that formed it, by the death of all its members, by surrender of its charter or franchises, or by forfeiture. Such corporations are the mayor and aldermen of cities, the head and fellows of a college, the dean and chapter of a cathedral church, the stockholders of a bank or insurance company, etc. A {corporation sole} consists of a single person, who is made a body corporate and politic, in order to give him some legal capacities, and especially that of succession, which as a natural person he can not have. Kings, bishops, deans, parsons, and vicars, are in England sole corporations. A fee will not pass to a corporation sole without the word ``successors'' in the grant. There are instances in the United States of a minister of a parish seized of parsonage lands in the right of his parish, being a corporation sole, as in Massachusetts. Corporations are sometimes classified as public and private; public being convertible with municipal, and {private corporations} being all corporations not municipal. [1913 Webster]

{Close corporation}. See under {Close}. [1913 Webster]


The Collaborative International Dictionary of English. 2000.

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Look at other dictionaries:

  • close corporation — see corporation Merriam Webster’s Dictionary of Law. Merriam Webster. 1996. close corporation …   Law dictionary

  • Close corporation — Close Close (kl[=o]s), a. [Compar. {Closer} (kl[=o] s[ e]r); superl. {Closest}.] [Of. & F. clos, p. p. of clore. See {Close}, v. t.] 1. Shut fast; closed; tight; as, a close box. [1913 Webster] From a close bower this dainty music flowed. Dryden …   The Collaborative International Dictionary of English

  • close corporation — [klōs] n. a corporation in which a few persons hold all of the stock, which is rarely or never placed on the market: also closed corporation …   English World dictionary

  • close corporation — noun a corporation owned by a few people; shares have no public market • Syn: ↑closed corporation, ↑private corporation, ↑privately held corporation • Hypernyms: ↑corporation, ↑corp • Hyponyms: ↑ …   Useful english dictionary

  • Close Corporation — Die Close Corporation, in manchen Staaten auch C Corporation genannt, ist eine spezielle Form der Aktiengesellschaft für kleine und mittlere Unternehmen und steht für: Close Corporation (Südafrika), die Form einer Gesellschaft in Südafrika. Close …   Deutsch Wikipedia

  • close corporation —    A corporation that is permitted by state law to operate more informally than most (e.g., making decisions without meetings of the board of directors) and that has a limited number of shareholders often family members rather than public… …   Business law dictionary

  • Close Corporation (Südafrika) — Eine Close Corporation (CC) ist eine in Südafrika existierende Unternehmensform. Sie wurde 1984 von der damaligen Regierung eingeführt, kleineren Unternehmen zu ermöglichen ein günstiges, beschränkt haftbares Unternehmen zu gründen, welche eine… …   Deutsch Wikipedia

  • Close Corporation Plan — A form of business buy sell agreement. Close Corporation Plans stipulate that the surviving partners must purchase all of the shares owned by the deceased partner or owner. The plan outlines the method of funding as well as the price at which the …   Investment dictionary

  • close corporation — A corporation in which the officers and directors have the power to fill vacancies in office without submitting the choice to the stockholders; another term for a family corporation, in which the most of the stock is held by members of one family …   Ballentine's law dictionary

  • close corporation — noun Date: circa 1902 a corporation whose stock is not publicly traded but held by a few persons (as those in management) …   New Collegiate Dictionary

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