What started out as a small family firm had become a widely held corporation, to which 218,000 shareholders had entrusted their money.

是什么使得一个小家族企业变成一个有股218,000个股东出资的股权分散的公司？

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Closely held: For a closely held corporation, incorporation should usually take place in the state where the corporation's principal place of business is located.

封闭性的考虑：对于一个封闭性的公司来说，通常会在公司主要业务所在的州注册。

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A closely held corporation is not a typical corporation. Its ownership and management are not separated from each other and ownership interests are not freely transferable.

封闭型公司不是典型公司，它的产权和管理互不分离，产权利益不能自由转让。

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On liquidation of a corporation that held appreciated assets, shareholders would owe capital gains taxes of their own, but the corporation would not also owe corporate taxes on the appreciation.

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