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What is A New Jersey "Close Company" or "Closely-Held Corporation"

The term "Close Company" or "Closely-Held Corporation" refers to a New Jersey corporation or limited liability company that, typically:

  1. involves a limited number of shareholders or members;
  2. involves stock or membership interests that are not freely transferable; and
  3. is managed and operated by its shareholder members.

In New Jersey most corporations are closely-held, that is these businesses are typically owned and operated by their shareholders.

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