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Thursday, 15 December 2011 15:02 |
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Close Corporation, an enterprise with ownership interests in the form of shares, formed for purposes of conducting business, and owned by one or more persons (shareholders) who usually restrict the power of the managing directors to operate the enterprise. The shares are usually not traded publicly and the number of shareholders is usually less than 30. In some countries, the owners must be natural persons only, while in other countries corporate or natural persons may own shares in a close corporation
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