BizTerm Definition
Close Vermont Corporation
Short Definition
A close corporation formed in Vermont
Full Definition

A corporation formed under Vermont laws whose Articles of Incorporation fullfills the following requirements: (1) a statement, "This corporation is a close corporation" (2) all the provisions required for a standard Articles of Incorporation (Sec 2.02(a)) (3) max of 35 shareholders (4) each certificate state it is a close corp (5) any provisions in articles concerning transfer restrictions, dissolution or limiting powers must be stated on certificates (6) no public offering (7) all classes of shares shall be represented by certificates To view the specific statute, go to: http://www.leg.state.vt.us/statutes/title11a/chap020.htm


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