The term "closely-held corporation" or "closely-held" business in general encompasses a wide array of meanings from very general to more precise. In general, a closely-held business is any business that is not publicly traded, for example, on a national securities exchange. A slightly narrower definition would be a business that is not a public rreporting company under the federal securities laws. A still narrower version of a closely-held company is one that meets the definition of a close corporation under a corporate statute or case law. In all cases, the "closely held" nature of the corporation refers to the number of shareholders of the corporation, with those having a small number of shareholders referred to as "closely held" and those with a large number of shareholders as "publicly held" or "publicly traded."