Question

Integrated Devices, Inc., is a private, for-profit corporation that is owned by five shareholders who are members of the same family. Integrated is

Answer 1

Integrated is a close corporation.

What is corporation?

• A corporation is a collection of people or a business that has been given legal status as a single entity by the state and is used for specific legal purposes.
• Early corporations were created with a charter. The majority of governments currently permit the registration of new corporations.
• There are four main forms of corporations: sole proprietorships, Limited Liability Companies (LLCs), S-Corporations (S-Corps), and C-Corporations (C-Corp).
• Examples of corporations are Apple Inc., Walmart Inc., and Microsoft Corporation.

What is a close corporation?

• A close corporation is a business that has fewer shareholders than the statutory limit and is not a public company.
• The maximum number of shareholders is typically 35, though this varies according on the state's corporate regulations.

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