What is a closely held corporation, Other Management

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What is a closely held corporation

Question: Hobby Lobby Stores. Inc. is a family-owned business, described as "closely held." What does this mean, i.e., what is a closely held corporation? Did this make a difference in the court's consideration of Hobby Lobby's 1st Amendment religious freedom argument? Would the same argument work for a large publicly held corporation like IBM? Should it? Why or why not? What are the social and political interests in play that the Court endeavored to balance in the legal setting?

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