Q: How do I know if my company is a close corporation? It was incorporated in Maryland with 2 shareholders.
The article of incorporation makes no reference to its being a close corporation.
A: Then likely it is not a close corporation. You can check SDAT entity filings, as the company should be designated as a close corporation, and the articles of incorporation are required to state that the company elects that status. If there is not a clear and unambiguous statement to that effect, then there has been no election to be treated as such.
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