A quasi-corporation is an entity that exercises some of the functions of a

corporation A corporation or body corporate is an individual or a group of people, such as an association or company, that has been authorized by the State (polity), state to act as a single entity (a legal entity recognized by private and public law as ...

, but has not been granted

separate legal personality In law, a legal person is any person or legal entity that can do the things a human person is usually able to do in law – such as enter into contracts, sue and be sued, own property, and so on. The reason for the term "''legal'' person" is t ...

statute A statute is a law or formal written enactment of a legislature. Statutes typically declare, command or prohibit something. Statutes are distinguished from court law and unwritten law (also known as common law) in that they are the expressed wil ...

. For example, a public corporation with limited authority and powers such as a county or school district is a quasi-corporation.

Definition

A quasi-corporation is an entity that is not incorporated or otherwise legally established, but which functions as if it were a corporation.

United States

Federal government

When created by the federal government of the United States, these entities are commonly called quasi-public corporations. These now or in the past have included telegraph and

telephone companies A telecommunications company is a kind of electronic communications service provider, more precisely a telecommunications service provider (TSP), that provides telecommunications services such as telephony and data communications access. Many t ...

oil and gas A fossil fuel is a flammable carbon compound- or hydrocarbon-containing material formed naturally in the Earth's crust from the buried remains of prehistoric organisms (animals, plants or microplanktons), a process that occurs within geologi ...

water Water is an inorganic compound with the chemical formula . It is a transparent, tasteless, odorless, and Color of water, nearly colorless chemical substance. It is the main constituent of Earth's hydrosphere and the fluids of all known liv ...

, and electrical power companies, and irrigation companies. Some examples of quasi-public corporations in the US are

Sallie Mae SLM Corporation (commonly known as Sallie Mae; originally the Student Loan Marketing Association) is a publicly traded U.S. corporation that provides consumer banking. Its nature has changed dramatically since it was set up in the early 1970s; i ...

Fannie Mae The Federal National Mortgage Association (FNMA), commonly known as Fannie Mae, is a United States government-sponsored enterprise (GSE) and, since 1968, a publicly traded company. Founded in 1938 during the Great Depression as part of the New ...

Freddie Mac The Federal Home Loan Mortgage Corporation (FHLMC), commonly known as Freddie Mac, is an American publicly traded, government-sponsored enterprise (GSE), headquartered in Tysons, Virginia.Amtrak The National Railroad Passenger Corporation, Trade name, doing business as Amtrak (; ), is the national Passenger train, passenger railroad company of the United States. It operates intercity rail service in 46 of the 48 contiguous United Stat ...

(National Railroad Passenger Corporation), the

Communications Satellite Corporation Communications Satellite Corporation (COMSAT) is a global telecommunications company based in the United States. By 2007, it had branches in Brazil, Argentina, Colombia, Mexico, Peru, Venezuela and several other countries in the Americas. Alt ...

(“COMSAT”), and the

US Postal Service The United States Postal Service (USPS), also known as the Post Office, U.S. Mail, or simply the Postal Service, is an independent agency of the executive branch of the United States federal government responsible for providing postal serv ...

State and local government

In the

United States The United States of America (USA), also known as the United States (U.S.) or America, is a country primarily located in North America. It is a federal republic of 50 U.S. state, states and a federal capital district, Washington, D.C. The 48 ...

, such entities established, supported, or controlled by a city, county, or township may be called ''quasi-municipal corporations''.

References

Legal entities Types of business entity Corporate law {{Business-term-stub