What is a Close Corporation?
A Close corporation, as defined by law, is a "laid back" corporation. The entity has all the benefits of a corporation: separate entity, limited liability, perpetual existence.
The close corporation elects to govern itself differently. Shareholder meetings are not required, and decisions can be made in writing. There is no requirement for a board of directors as well. Close corporations are taxed as regular corporations, unless they elect S Corporation status.
Close corporations do not exist in every state, so check with the state before incorporating.
Specific laws regarding close corporations, including limitations of shares, decisions by shareholders and other requirements differ by state