Basics

• According to "Crunchtime Corporations," CCs have a small number of stockholders with those owning the majority of stock heavily involved in company management and direction. The shareholders must elect the CC designation by forming a written agreement.
  
  

Distinction

• The CC has been likened to an incorporated partnership, similar to a limited liability company (LLC), according to "Saving the Family Cottage." Features of the CC potentially include removing the need for a board of directors and shareholder meetings.
  
  

Contents

• As an example of CC agreement contents, Ohio agreements typically feature regulations indicating how the company will be managed, terms and conditions for company employees, designation of officers and directors and limits on issuing stock shares.