Review of O'Neal Close Corporations

Since its original publication in 1958, the first edition of Hodge O'Neal's treatise on close corporation law and practice has ranked as the definitive work on the subject. Important among its many significant contributions was the fact that this treatise served to focus national attention on the distinctive needs and legal problems of closely held corporations and to urge courts, legislatures and lawyers to recognize these problems and adjust to meet them. In addition, this treatise provided both practitioner and scholar with a sophisticated resource on all aspects of the subject. Due in significant respect to O'Neal's pioneering work in the area, there have been substantial changes over the intervening years in both legislative and judicial recognition of and provisions for the particular problems of close corporations, and today close corporation law and practice has become recognized as a distinct and highly complex branch of general corporate law and practice. These events-plus the fact that there have been many other developments of importance to close corporations in the areas of corporate, securities and tax law since 1958-make the publication of the second edition of O'Neal's treatise extremely timely and welcome.