To be a close corporation,the business must be small,with no more than 20 owners and no more than $500,000 in gross annual income.

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To be a close corporation, the business must be small with a limited number of shareholders, but there is no set limit on the number of owners. Additionally, the gross annual income limit for a close corporation varies by state, but it is typically higher than $500,000.

To Be a Close Corporation,the Business Must Be Small,with No