A closed corporation is sometimes referred to as a "close corporation." This type of business organization is a corporation which is owned and managed by a small group of individuals. Usually, the closed corporation has no silent members; rather, the corporation is actively managed by the same individuals who make up the business. Therefore, the members also function as the directors and shareholders of the corporation. Moreover, the members all have a hand in the day to day management of the closed corporation. In addition, a closed corporation does not issue or trade public stock on the open stock exchange market. This type of corporation is frequently utilized by family businesses. Furthermore, the closed corporation offers several advantages. The closed corporation is usually easier to manage because there are no multiple levels of management and owners to deal with. Also, the closed corporation does not have to have formal business meetings with official notices and procedures. This helps to expedite decisions regarding the business. The closed corporation is one of the most commonly used business models in the United States