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	Fifth Circuit, Reversing Tax Court, Clarifies Valuation of Privately Held Corporations
		The Fifth Circuit also ruled that the likelihood that a corporation will be liquidated or sold is relevant only in determining the weights to be assigned to the earnings-based value and the asset-based value.
		In general, when no recent transactions in the stock have occurred, there are two approaches to valuing a privately held corporation: the earnings-based method (calculated using income or cash flow) and the asset-based method.
		Revenue Ruling 59-60, 1959-1 CB 237, specifies the following factors in determining the fair market value of a privately held corporation’s stock: earnings; financial position and book value; economic and industry outlook; management skills; dividend-paying capacity; goodwill; the size of the block of stock; and the value of similar businesses.
	www.nysscpa.org /cpajournal/2004/704/essentials/p50.htm (1147 words)

	Article: The Sarbanes-Oxley Act: Possible impacts on privately held companies
		Boards of privately held companies normally are not expected to have the same extensive committee structure as public boards, and the availability of truly independent directors willing to serve on private company boards is considerably less than for public companies.
		For larger privately held companies, establishment of committee structures to govern key functions such as audit and executive compensation may also be required.
		Section 10(b) and Rule 10b-5 apply to private offerings of securities by privately held companies, repurchases by such companies of their own securities from existing holders, transactions by private companies in the securities of other companies, or any other transaction involving the purchase or sale of a security.
	www.michbar.org /journal/article.cfm?articleID=696&volumeID=54 (2769 words)

	Minnesota Small & Privately Held Business Law
		The simplest way to own a closely held business is the sole proprietorship, in which the business is owned and controlled by one person who reports the debts and profits of the business on his or her personal income tax return.
		However, the small size of most closely held corporations and the tendency for shareholders to take active roles in the operation and management of the corporation often mean that many small and closely held corporations ignore such formalities.
		Because interests in a small and closely held business often lack liquidity and can be difficult to evaluate, they can be difficult to transfer before or after the death of the owner.
	www.weblocator.com /attorney/mn/law/smalprivbus.html (2744 words)

	Law Firm of Pepper Hamilton LLP \| Publications
		Privately held government contractors considering an IPO or a sale of their companies in the robust MandA environment should understand the effects of SOX on their companies, and consider adopting SOX-like internal accounting controls and procedures.
		While privately held companies have no choice but to comply with some SOX provisions, many of these companies are choosing to comply voluntarily with other SOX and SOX-related requirements, and many others are feeling pressure from third-party sources to adopt similar changes to their business practices and corporate governance.
		Privately held government contractors have certain advantages over other private companies when it comes to implementing internal controls and governance enhancements that follow or closely parallel SOX and related governance initiatives.
	www.pepperlaw.com /pepper/publications_update.cfm?rid=664.0 (1412 words)

	Private company -- Facts, Info, and Encyclopedia article (Site not responding. Last check: 2007-10-09)
		A private company is a (An institution created to conduct business) company that is not a (additional info and facts about public company) public company.
		Private companies (in the sense that their shares are not publicly traded) generally have the advantage over public companies of lower compliance costs.
		For example, Part 2E of the Australian (additional info and facts about Corporations Act 2001) Corporations Act 2001 requires that public companies lodge certain documents relating to their (additional info and facts about Annual General Meeting) Annual General Meeting with (additional info and facts about ASIC) ASIC.
	www.absoluteastronomy.com /encyclopedia/p/pr/private_company.htm (144 words)

	Administrative Science Quarterly: Domains of state-owned, privately held, and publicly traded firms in international ... (Site not responding. Last check: 2007-10-09)
		Hypotheses relating ownership to domain differences among state-owned, publicly traded, and privately held firms in international competition were examined in a controlled field study of the offshore drilling industry.
		Privately held firms are not owned by governments and do not have shares traded on stock exchanges.
		Privately held firms usually are run by owner-managers and thus have fewer principal-agent conflicts (Jensen and Meckling, 1976; Fama and Jensen, 1983), facilitating managerial initiatives to the extent that concurrence of many owners is not necessary.
	www.findarticles.com /p/articles/mi_m4035/is_n4_v34/ai_7997696 (985 words)

	Journalism.org - Reports & Surveys - Does Ownership Matter in Local Television News? - Public Versus Private ... (Site not responding. Last check: 2007-10-09)
		Our data, based on 54 privately held stations and 118 publicly held, suggest a slightly greater tendency toward quality at private companies, though the findings are not nearly as strong as in other ownership categories.
		Privately held stations demonstrate more of some kind of enterprise, for instance, and slightly less of others.
		On Enterprise: Privately held stations were more likely than public company stations to send a reporter to the scene of a scheduled event (29% versus 24%).
	www.journalism.org /resources/research/reports/ownership/public.asp (454 words)

	SMC Business Councils
		Owners of privately held businesses needing corporate legal advice and on-going legal work in the Pittsburgh area face a dilemma — the best-known law firms may be too large and expensive for their needs, but many small law firms are too specialized to provide the comprehensive services these businesses require.
		Mid-size law firms frequently attract as clients privately held businesses that had a poor fit and an unsuccessful relationship with one of the big firms.
		Certainly there are times and circumstances in which a privately held business may need the sheer size and resources of a large firm, and matters of style and affordability are less important than the urgency of the job at hand.
	www.smc.org /Article.cfm?id=141 (662 words)

	How to Manage the Corporate Governance Risks of Large, Privately Held Corporations
		Private companies now should begin to review and make changes in their corporate governance structure and practices, their system of internal controls, their approach to financial reporting and their corporate culture regarding appropriate behavior.
		Large, privately held companies should conduct periodic reviews of the adequacy and scope of their internal controls, implementation of those controls, operation of internal audit systems and follow-up on internal audit recommendations.
		Large, privately held companies should undertake to have their directors, officers and employees become familiar with Sarbanes-Oxley requirements pertaining to lawyer reporting of misconduct (and the reasons behind them) and to modify their internal procedures to accommodate these new standards.
	www.constructionweblinks.com /Resources/Industry_Reports__Newsletters/Oct_7_2002/corporate_governance.htm (1203 words)

	Proposed withdrawal of all privately held shares (BIS Press Release 11 Sep 2000) (Site not responding. Last check: 2007-10-09)
		For these reasons, the existence of a small number of private shareholders, whose interest is essentially financial, is no longer seen to be in line with the international role and the future development of the organisation.
		Private shareholders currently hold only 13.73% of BIS shares, and there is very little liquidity in either of the two markets on which those shares are traded.
		For the reasons described above, the Board of Directors is proposing that the EGM (to be held on 8 January 2001) decide on the withdrawal of all privately held shares in exchange for compensation of CHF 16,000 per share.
	www.bri.org /press/p000911a.htm (1315 words)

	Hot Topics > Personal Liability for Directors and Officers of Private Corporations
		It can even be argued that directors and officers of privately held corporations are more at risk of claims because they simply do not have the same resources as large publicly held companies, so that their decisions are made without full or accurate information.
		Because many contracts and other negotiations for privately held corporations are handled by officers of the company, officers are personally at risk for claims arising out of these negotiating activities.
		It is critical that directors and officers of privately held companies understand their personal exposure to executive liability.
	www.boltonco.com /boltonco/hotTopics/liabilityForDirectors.asp (996 words)

	Corporate Governance Issues for Large Privately-held Companies: Risks and Recommendations
		These large private companies will face a number of specific risks which make it important to consider changes in corporate governance to meet the needs and requirements of lenders, accountants, insurers, government contracting parties, as well as shareholders.
		We recommend that private companies begin now to review and make changes in their corporate governance structure and practices, their system of internal controls, their approach to financial reporting, and their corporate culture regarding appropriate behavior.
		We are not suggesting that every private issuer should meet all of the requirements being laid down for public companies.
	www.thelenreid.com /articles/article/art_147_idx.htm (1252 words)

	What's the difference between publicly- and privately-held companies?
		A public company, on the other hand, is a company that has sold a portion of itself to the public via an initial public offering of some of its stock, meaning shareholders have claim to part of the company's assets and profits.
		Private companies, however, are not required to disclose their financial information to anyone since they do not trade stock on a stock exchange and this usually means the general public cannot invest in them.
		However, a private company can't dip into the public capital markets and must therefore turn to private funding, which can boost the cost of capital and may limit expansion.
	www.investopedia.com /ask/answers/162.asp (356 words)

	Proposed withdrawal of all privately held shares
		For these reasons, the existence of a small number of private shareholders, whose interest is essentially financial, is no longer seen to be in line with the international role and the future development of the organisation.
		Private shareholders currently hold only 13.73% of BIS shares, and there is very little liquidity in either of the two markets on which those shares are traded.
		For the reasons described above, the Board of Directors is proposing that the EGM (to be held on 8 January 2001) decide on the withdrawal of all privately held shares in exchange for compensation of CHF 16,000 per share.
	www.bis.org /press/p000911a.htm (1298 words)

	Taking a Second Look at Director' & Officer's Liability Insurance
		Directors and Officers of privately held corporations seem to hold a general consensus that their exposure to suits is non-existent or at worst, minimal.
		In actuality today, the opposite is true. Directors and Officers of privately held corporations are subject to suits from a variety of sources, which are not too different than the exposures to Directors and Officers of publicly held corporations.
		There is a popular belief that the Directors and Officers of privately held corporations are protected by the corporation's reimbursement agreement with its Directors and Officers. There are potential problems relying upon this as "absolute" protection for the individual Director or Officer.
	www.aepronet.org /ge/no24.html (959 words)

	Columns: Top privately held companies thriving
		For all its population, Florida is as anemic as a home for large and prosperous private companies as it is for substantial public companies.
		Founded by Jim Moran in 1968, the nation's largest privately held Toyota distributor and diversified auto corporation is about as paternalistic as they come.
		And many privately owned auto dealerships in the state were bought up in a wave of industry consolidation that formed giant AutoNation and other large (and now public) auto retailers.
	www.sptimes.com /2002/11/13/Columns/Top_privately_held_co.shtml (922 words)

	Should Privately Held Companies and Nonprofit OrganizationsComply with the Sarbanes-Oxley Act?
		Although they are not directly affected by the new legislation, some privately held firms and nonprofit organizations are taking steps to avoid any of the ethical dilemmas that have recently plagued a number of publicly traded companies.
		And 12% of respondents from the private firms did not know whether their organization had developed a separate code of ethics for principal financial officers, compared with 77% who said their company did not have a separate code.
		Half of the executives (50%) of the public companies said their corporation had an anti-fraud program and an action plan in place to ensure it is practiced, 19% said they did not (31% did not know).
	www.amanet.org /press/amanews/SOX2003survey.htm (849 words)

	The java.lang.String class (Site not responding. Last check: 2007-10-09)
		This is the same as the java.lang.Integer class containing a privately held int value; the java.lang.Character class containing a privately held char value; and, the java.lang.Boolean class containing a privately held boolean value.
		The privately held string within the String class will be initialized based on the values provided to these constructors.
		In the case of the constructor that accepts an array of chars as a parameter, the privately held string will contain the characters of the array from [0] to the end of the array.
	privacy.cs.cmu.edu /courses/java2/lectures/lecture23/sld107.htm (339 words)

	Chubb Begins Marketing Forefront Portfolio And Power Source To Larger Privately Held Companies
		Chubb has expanded the account eligibility for these products to include privately held companies with up to $1 billion in revenues and 2,500 employees.
		Chubb is responding to the needs of many larger privately held companies by offering a package of coverages that is comprehensive, flexible and underwritten locally, said Lisa McGee, a vice president of Chubb and Son and Private Company Customer Group manager.
		Many larger privately held companies have outdated insurance policies that are more restrictive than ForeFront Portfolio and Power Source, said Paul Sullivan, a vice president at Chubb and Son and head of the Private/Not-For-Profit Practice.
	www.chubb.com /marketing/chubb1871.html (673 words)

	Schottenstein Zox & Dunn - Service Areas: Privately Held Business (Site not responding. Last check: 2007-10-09)
		Representing privately held businesses necessarily involves understanding the complex dynamics of a business whose business interests are closely intertwined with the personal interests of its owners.
		Closely held businesses frequently require coordinated family estate and wealth preservation plans, as well as a combination of qualified retirement programs and unqualified deferred compensation programs for the owners.
		Our lawyers are prepared to help guide a closely held business and its owners through the myriad of legal issues they will encounter through the life of the business.
	www.szd.com /services/info.php?id=28&t=2 (200 words)

	ABC News: Exhibit Shows Privately Held Paintings (Site not responding. Last check: 2007-10-09)
		The Pennsylvania Academy of the Fine Arts unveils what is calls an unprecendented exhibition of almost 100 paintings representing some of the finest works of privately held American art, from Winslow Homer to Andy Warhol, many of which have never been seen by the public.
		Some private collectors who loaned paintings for the exhibit also worked to entice other collectors to do the same.
		For example, some pieces in the exhibit are studies for works in the academy's permanent collection, or are part of a series of which the academy also has a part.
	abcnews.go.com /Entertainment/wireStory?id=1167786&CMP=OTC-RSSFeeds0312 (442 words)

	GTI.org - Privately held business services
		Accelerate your business success by speaking to a privately held business adviser at one of Grant Thornton's member firms.
		The privately held business market is recognised around the world as a catalyst for economic growth.
		Whether your business is just starting-up, growing, maturing or in transition, the privately held business services teams in the Grant Thornton firms around the world can offer you business advice suited to the needs of privately-owned businesses.
	www.gti.org /services/privately/privately.asp (185 words)

	Privately Held Companies - Directors & Officers Liability Insurance
		The simple fact is that directors and officers of privately held companies face many of the same management liability exposures as do publicly traded companies.
		Remember that even if the company provides indemnification, should corporate assets be depleted or become otherwise unavailable due to litigation, there simply may not be adequate means to provide this indemnification.
		We work with a wide variety of insurance carriers, and our underwriters are adept at crafting highly individualized coverage to address the specific needs of all types and sizes of privately held businesses.
	www.swicker.com /privatecomps.htm (302 words)

	Florida Small & Privately Held Business Law
		Succession may be more complicated for small businesses than for large, publicly held companies.
		Many smaller corporations, however, take out life insurance policies on certain key employees, such as the founder or the chief executive officer of the business.
		Because interests in a small business often lack liquidity and can be difficult to evaluate, they can be difficult to transfer after the death of the owner.
	www.weblocator.com /attorney/fl/law/smapriv.html (2780 words)

	Los Angeles Business Journal: Nearly half of all privately held U.S. businesses are women-owned - Women Making A ...
		The analysis shows that there are 10.1 million privately held 50% or more women-owned businesses in the United States, generating 18.2 million jobs and contributing more than $2.3 trillion in sales to the economy.
		Between 1997 and 2002, the Center estimates that the number of privately held 50% or more women-owned businesses grew by 11%, more than 1.5 limes the rate of all privately-held firms (6%) and employment increased by 18%, more than twice the average (8%).
		Earlier estimates of the number of women-owned businesses in the U.S. were based on the 1997 U.S. Bureau of the Census definition of a woman-owned business as an enterprise that is privately held and majority woman-owned.
	www.findarticles.com /p/articles/mi_m5072/is_34_25/ai_107255169 (600 words)

	PGDC Source Document - Court Values Privately Held Stock on Freely Traded Basis (Site not responding. Last check: 2007-10-09)
		The U.S. Court of Federal Claims has held that a company's stock valuation should be determined on a freely traded basis following the income and capital market methods.
		A privately held company capitalized with voting and nonvoting stock was formed.
		At the time of the CEO's death, 5,076 voting shares and 25,910,100 nonvoting shares were held in the revocable trust.
	www.pgdc.com /usa/link?pgdcID=4735 (535 words)

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