A closely held corporation is defined in Minnesota as a corporation which does not have more than 35 shareholders. (Minn. Stat. §302A.011, Subd. 6A). O'Neal and Thompson in their classic treatise:
suggest that "another popular definition states that a close corporation is a corporation whose shares are not generally traded in the securities market." (§1.2).
Corporation statutes of each state can be found in the individual state statutes sets in the Primary section on the Plaza level of the Library, and are also available online from these databases: Bloomberg Law; Lexis Advance; Westlaw; Bloomberg BNA Tax & Accounting Center; Checkpoint; Corporation Service on CCH Intelliconnect.
Many general legal periodicals contain articles on close corporations. The legal periodical indexes and databases below can be searched to retrieve articles covering closely held corporations.