ever heard about Wikipedia? http://en.wikipedia.org/wiki/Public_company http://en.wikipedia.org/wiki/Public_company http://en.wikipedia.org/wiki/Securities_Ex

ever heard about Wikipedia? http://en.wikipedia.org/wiki/Public_company http://en.wikipedia.org/wiki/Public_company http://en.wikipedia.org/wiki/Securities_Exchange_Act_of_1934 http://en.wikipedia.org/wiki/Securities_Exchange_Act_of_1934 The 500 shareholders does seem to be written in law, however SEC seems to have the authority to make exemptions.