close company


close company
A company resident in the UK that is under the control of five or fewer participators or any number of participators who are also directors. There is also an alternative asset-based test, which applies if five or fewer participators, or any number who are directors, would be entitled to more than 50% of the company's assets on a winding-up. The principal consequences of being a close company are that the provision of certain benefits in kind to shareholders can be treated by the Inland Revenue as a distribution as can loans or quasi-loans. Closed investment companies do not qualify for the reduced rate of corporation tax. In the USA close companies are known as closed companies.

Accounting dictionary. 2014.

Look at other dictionaries:

  • close company — A company effectively controlled by not more than five shareholders. Easyform Glossary of Law Terms. UK law terms. close company a UK resident company that is controlled by five or fewer participators, by participators who are director …   Law dictionary

  • close company — ➔ company * * * close company UK US noun [C] FINANCE, STOCK MARKET ► CLOSED COMPANY(Cf. ↑closed company) ► CLOSELY HELD COMPANY( …   Financial and business terms

  • close company — noun A firm controlled by five, or fewer, people who own a majority of the shares • • • Main Entry: ↑close …   Useful english dictionary

  • close company — A company resident in the UK that is under the control of five or fewer participators or any number of participators who are also directors. There is also an alternative asset based test, which applies if five or fewer participators, or any… …   Big dictionary of business and management

  • close company — /ˌkləυs kʌmp(ə)ni/ noun a privately owned company controlled by a few shareholders (in the UK, less than five) where the public may own a small number of the shares (NOTE: The US term is close corporation or closed corporation.) …   Dictionary of banking and finance

  • company — a business owned by a group of people called shareholders, which has its own legal identity separate from its owners. Glossary of Business Terms A proprietorship, partnership, corporation, or other form of enterprise that engages in business.… …   Financial and business terms

  • close investment holding company — A close company that does not exist wholly or mainly as a trading company, a property company letting to third parties, or a holding company of a trading company …   Accounting dictionary

  • close investment holding company — A close company that does not exist wholly or mainly as a trading company, a property company letting to third parties, or a holding company of a trading company …   Big dictionary of business and management

  • Close Brothers Group — plc Type Public (LSE: CBG) Industry Banking …   Wikipedia

  • Close Power Station — Country England Location Tyne and Wear, North East England Coordinates …   Wikipedia


Share the article and excerpts

Direct link
Do a right-click on the link above
and select “Copy Link”

We are using cookies for the best presentation of our site. Continuing to use this site, you agree with this.