What's the difference between a close corporation and a company?

Question

Give as many as you can please.

And while we at it can someone tell me what is the meaning of goodwill in accounting terms pls?

Answer 1

A closely corporation is one in which all shares of stock are owned by a small number of people (often related to each other).

No such restriction is there for a company, and it is often publicly traded

Goodwill is an accounting term used to reflect the portion of the market value of a business entity not directly attributable to its assets and liabilities; it normally arises only in case of an acquisition. It reflects the ability of the entity to make a higher profit than would be derived from selling the tangible assets. Goodwill is also known as an intangible asset.