Sociedad Anónima Cerrada - S.A.C.

00:02 Sep 8, 2018 

@Rebecca. Well for one, CA has both types as does AZ and AL and there are others. However, only about 15 states have close corps. Whereas, all states have closely held. The terms have been used interchangeably for years, but the legal. liability, inheritance, and tax implications are widely different.
This article warns about conflating the terms. https://evergreensmallbusiness.com/small-business-faq/what-i...
Scroll to the last paragraph.

20:25 Sep 7, 2018 

To what state's corporate law are you referring? As I'm sure you know, corporate law in the US is state law and, as Black's Law Dictionary indicates, the individual characteristics of these corporate forms may vary from state to state. Obviously, for the legal expert who wrote the Black's entry, in some (many? a majority?) of states these corporate forms are close enough for the terms to be considered synonymous. At any rate, although I've been working with legal terminology for 35 years, I can't yet bring myself to categorically declare that Black's Law Dictionary is wrong.

20:00 Sep 7, 2018 

@Rebecca. There is a big distinction between close/closed and closely-held corps.
Closely-held corps have the distinct characteristic of being able to issue public stock that can be traded on the open market. This puts them in a category somewhere between close/closed corps that are not allowed to issue, sell, or transfer stock to outsiders and regular publicly traded corps. Black's throws the closed and closely-held into the same bucket as if they were synonymous. They are not.