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Closely Held Businesses  

Research Material on the law of Closely Held Businesses
Last Updated: Aug 22, 2014 URL: Print Guide RSS Updates

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The Center for Computer Assisted Legal Instruction

CALI creates online lessons that will help you learn about an area of law, and then practice questions about it before your exams. For Business Organizations, CALI has lessons in two useful topics, Business Associations and Corporations


Sum and Substance Audio CDs

Sum & Substance CDs can be a timesaving study aid useful for class review and exam preparation. The CDs include exam tips and hypotheticals to help you master the subject

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Sum and Substance: Corporations - James D. Cox
Call Number: Reserve CD# 7280a-g
ISBN: 9780314196019



The topic of "closely held businesses" covers unincorporated business entities – including the general partnership, the limited partnership (LP), the limited liability partnership (LLP), and the limited liability company (LLC) – as well as the incorporated closely held business in the form of the closely held corporation.  The main issues discussed for each legal form of closely held business organization are:

  • Business entity formation
  • Management and control of the closely held business
  • Financial rights and liabilities of the business owners
  • Fiduciary duties: both by the owners towards the business entity and among the owners towards each other
  • Transferability of business ownership interests
  • Exit rights of business owners during dissociation and dissolution

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