Close Corporation - Law Dictionary Search Results
Home Dictionary Name: close corporationclose corporation
close corporation see corporation ...
corporation
corporation [Late Latin corporatio, from Latin corporare to form into a body, from corpor- corpus body] : an invisible, intangible, artificial creation of the law existing as a voluntary chartered association of individuals that has most of the rights and duties of natural persons but with perpetual existence and limited liability see also pierce compare association, partnership, sole proprietorship close corporation [klōs-] : a corporation whose shares are held by a small number of individuals (as management) and not publicly traded ;specif : small business corporation in this entry called also closely held corporation compare public corporation in this entry foreign corporation : a corporation organized under the laws of a state or government other than that in which it is doing business government corporation : public corporation in this entry moneyed corporation : a corporation (as a bank) authorized to engage in the investment, exchange, or lending of moneyed capit...
closely held corporation
closely held corporation : close corporation at corporation ...
going private
going private : the process of transforming a public corporation into a close corporation by terminating the registration of the corporation's stock, the listing of the stock on an exchange, or the active trading of the stock on the market ...
closely held
closely held : having most stock shares and corporate voting rights in the hands of a few shareholders ...
closely held
owned by a relatively few shareholders of business organizations as a closely held corporation...
Corporation or body politic
Corporation or body politic, an artificial person es-tablished for preserving in perpetual succession certain rights, which being conferred on natural persons only would fail in process of time. It is either aggegate, consisting of many members, or sole, consisting of one person only, as a parson. It is also either spiritual, created to perpetuate the rights of the Church, or lay'sub-divided into civil, created for many temporal purposes, and eleemosynary, to perpetuate founders' charities. It is by virtue of the sovereign's prerogative exercised by a charter, or of an Act of Parliament, or of prescription, that the artificial personage called a corporation, whether sole or aggregate, civil or ecclesiastical, is created. The royal charter gives it a legal immortality, and a name by which it acts and becomes known. It has power to make bye-laws for its own government, and transacts its business under the authority of a common seal-its hand and mouthpiece; it has neither soul nor tangibl...
close
close closed clos·ing vt 1 : to bring to an end or to a state of completion [closed the case] [ an estate by liquidating its assets] [closing his account] 2 : to conclude discussion or negotiation about ;also : to bring to completion by performing something previously agreed [closing a merger] [ the property sale] vi 1 : to enter into or complete an agreement (as for the sale of real estate) [they closed on the house] 2 : to come to an end or to a state of completion [after the class closes, the trust shall continue…until the death of the last surviving member of the class "Louisiana Revised Statutes"] n : an enclosed area [break another's ] ...
freeze
freeze froze fro·zen freez·ing 1 : to cause to become fixed, immovable, unavailable, or unalterable [ interest rates] 2 : to immobilize (as by government regulation or the action of a financial institution) the expenditure, withdrawal, or exchange of [ foreign assets] 3 : to restructure (the capital of a close corporation) so that the value is reflected mostly in preferred stock rather than common stock NOTE: Once capital is frozen, the common shares can be transferred to the heirs of the owner without taxation while the owner continues to enjoy the income from preferred stock dividends during his or her lifetime. freeze n ...
Municipal corporation
Municipal corporation. A body of persons in a town having the powers of acting as one person, of holding and transmitting property, and of regulating the government of the town. Such corporations existed in the chief towns of England (as of other countries) from very early times, deriving their authority from 'incorporating' charters granted by the Crown.The Municipal Corporations Act,1835 (5 & 6 Wm. 4, c. 76), passed after local inquiries by Royal Commissioners, completely reorganized the constitution of these corporations, and abrogated all charters so far, but so far only, as inconsistent with it. This Act applied to 178 corporations named in the schedules thereto, and to 68 other corporations subsequently receiving a charter, a town to which it applied being styled a 'borough.'The (English) Act of 1835 was amended by a series of statutes passed from time to time, and consolidated by the (English) Municipal Corporations Act,1882 (45 & 46 Vict. c. 50), which, in turn (except for Lond...
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