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What is a New York Closely Held Company?

If you are involved in a dispute with your business partners and shareholders you may have a question about what is a "New York closely held company" and what rights, if any, does it afford you. In this video Charles N. Internicola identifies some of the characteristics of a New York closely held company and why it may matter to you. These characteristics include:

  • A few shareholders 2, 3, 4…less than 10;
  • The shareholders are also employees and officers of the corporation;
  • The corporation files a "S-corporation" tax election. That is the income of the company is passed through to the individual shareholders and is reported on a "K-1".

Why is this important? Well if you are involved in a partnership dispute and your company is "closely held" under New York law there will be certain rights and remedies that may be available to you.

To learn more about close held companies and your rights as a shareholder or partner in a closely held company, order a complimentary copy of Charles N. Internicola's book, "The New York and New Jersey Partnership Dispute Guide". Click here to order a complimentary copy of the book.

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