What describes a corporation owned by a small group of stockholders, each with a voice in operation?

A close corporation is characterized by ownership by a limited number of stockholders, typically allowing for more direct involvement in the management and operations of the business. Unlike public corporations, which are owned by a large number of shareholders and traded on stock exchanges, a close corporation limits the number of shareholders, often enabling them to have a significant say in corporate affairs and often making it easier to manage. This structure fosters close relationships among shareholders and can lead to more streamlined decision-making, as all or most stockholders are actively engaged in the operations.

In contrast, the other options represent distinct types of corporate structures: a limited liability corporation (LLC) provides liability protection to its owners, a public corporation is characterized by its shares being available to the general public, and a private equity corporation typically involves investment firms that acquire stakes in private companies but is not defined by the level of shareholder involvement in management.