The rule was changed in 2012 according to articles on investopedia.com ( https://www.investopedia.com/terms/5/500-shareholder-threshold.asp https://www.investop

The rule was changed in 2012 according to articles on investopedia.com ( https://www.investopedia.com/terms/5/500-shareholder-threshold.asp https://www.investopedia.com/terms/5/500-shareholder-thresho... and https://www.investopedia.com/terms/1/2000-investor-limit.asp https://www.investopedia.com/terms/1/2000-investor-limit.asp ) The limit has been raised to 2,000 shareholders. The company isn't required to go public, but the company does have to file its financial data with the SEC.