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All of the following are characteristics of a closely held corporation EXCEPT:
the shares are publicly traded.
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Which of the following statements is NOT CORRECT? a. When a corporation’s shares are owned by a few individuals, we say that the firm is “closely, or privately, held.” b. “Going public” establishes a firm’s true intrinsic value and ensures that a liquid market will always exist for the firm’s shares. c. The stock of publicly owned companies must generally be registered with and reported to a regulatory agency such as the SEC. d. When stock in a closely held corporation is offered to the public for the first time, the transaction is called “going public, or an IPO,” and the market for such stock is called the new issue or IPO market. e. It is possible for a firm to go public and yet not raise any additional new capital for the firm itself.
b. “Going public” establishes a firm’s true intrinsic value and ensures that a liquid market will always exist for the firm’s shares.
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Closely held corporations
a corporation that is owned by a few individuals who are typically associated with the firms management
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9. Closely held corporations face the loss of limited liability through application of the doctrine known as piercing the corporate veil.
Anyone can invest in a closely held corporation.
Ellen started a catering business, but soon decided that catering was too stressful for her. She could close her business relatively easily and return to school because the business was a a. producer cooperative. c. sole proprietorship. b. general partnership. d. closely held corporation.
c. sole proprietorship.
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Privately held corporations are also closely held corporations.:
True
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management of closely held corporation
-has a single shareholder or a tight knit group of shareholders, who usually hold the positions of directors and officers -managements resembles management of a sole proprietorship or partnership -the firm must meet all specific legal requirements set forth in state statutes -to prevent a majority shareholder from dominating a closely held corporation, the company may require that more than a simple majority of the directors approve any action taken by the board (applies only to extraordinary actions)
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