I. Introduction

II. Mini-Corporateness; Maxi-Formality

III. Impediments to Close Corporation Control … A. The Board Requirement … B. Controlling the Board … 1. Contracting with Respect to Voting Rights … 2. Contracting with Respect to Management

IV. Illusory Advantages of Close Incorporation …A. Exposure to Liability via Informality of Operation … B. Exposure to Liability due to Inadequate Capitalization … C. Practical Liability

V. Conclusion