Rights of Minority Shareholders in a Closely-Held Corporation | Buckingham, Doolittle & Burroughs, LLC
What is a Close Corporation? Under Ohio law, a “close corporation” is defined as a corporation with a relatively small number of shareholders, whose shares are generally not traded on national securities exchanges or regularly quoted on over-the-counter markets.[1] A close corporation is also frequently characterized by an identity of management and ownership,[2] being comprised of a small number of people who depend on each other for the success of the enterprise.[3] In other words, close corporations will usually bear an unmistakable resemblance to a partnership, with shareholders cons...
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