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What Is a Closely Held Business?

If you've been navigating the world of business ownership, you've likely come across the term "closely held business." But what exactly does it mean, and how does it impact business operations, structure, and tax strategy? At its core, a closely held business refers to a company where ownership is concentrated among a small group of individuals. These businesses often have a personalized, tight-knit structure that differs significantly from publicly traded corporations.

Understanding this category of business is essential for entrepreneurs, business owners, and investors alike. Let's explore what defines a closely held business, its…

From endorsement deals to social media sponsorships, many college athletes are earning significant money while still in school. However, with this Name, Image and Likeness earning potential comes great financial responsibility.

Managing this newfound wealth can be tricky. Many college athletes make mistakes that put their financial security at risk, not just during their athletic careers but also in the years that follow. Below, we outline the top mistakes college athletes make when managing their NIL and endorsement money—so you can learn what to avoid.

1. Spending Without a Budget

Landing that first endorsement check can feel like winning…

The second quarter of 2025 brings more than just the big tax deadline most folks are familiar with. We outline all of the deadlines below:

April 15 – Individuals must file (or extend) their 2024 personal returns and pay any tax due.

• Individuals, trusts and calendar-year corporations must pay first-quarter estimated taxes.
• Individuals must file a 2024 gift tax return or file for an extension and pay any gift tax due.
• Calendar-year trusts and estates must file 2024 returns or file for an extension.
• Calendar-year corporations must file a 2024 income tax return or file for an extension and…