Because a close corporation is one whose shares are held by a relatively small group of persons, the firm often operates like a partnership.

Name: Because a close corporation is one whose shares are held by a relatively small group of persons, the firm often operates like a partnership.
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A close corporation operates similarly to a partnership due to its small number of shareholders, often involving more direct management by the owners and less formalities compared to larger, publicly traded companies.

Because a Close Corporation Is One Whose Shares Are Held