What is the term for a corporation that is owned by a small number of individuals?

A privately held corporation is one that is owned by a small group of individuals or entities, which typically includes family members, friends, or a small number of investors. Unlike publicly held corporations, whose shares are traded on stock exchanges and available to the general public, privately held corporations do not offer shares to the public. This structure allows for greater control and privacy concerning business operations and financial disclosures, as they are not required to report their financial information to the same extent as publicly traded companies.

The other types of corporations mentioned do not fit this definition. Publicly held corporations are owned by shareholders at large and have shares available for trading on public markets. Limited partnerships involve a partnership structure that includes at least one general partner and one limited partner, which is different from the corporation structure. Multinational corporations operate in multiple countries and can be publicly or privately held, but the term does not specify the ownership structure. Therefore, the term that accurately describes a corporation owned by a small number of individuals is a privately held corporation.