A closely-held corporation is one whose shares are owned by a small number of shareholders,who are often family members,relatives,or friends.

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A closely-held corporation is defined by the fact that its shares are owned by a small group of shareholders, often consisting of family members, relatives, or friends. This is in contrast to a publicly-traded corporation, whose shares are owned by a large number of shareholders who are not necessarily connected to one another.

A Closely-Held Corporation Is One Whose Shares Are Owned by a Small