Quasi-corporation

A quasi-corporation is[1] an entity that exercises some of the functions of a corporation, but has not been granted separate legal personality by statute. For example, a public corporation with limited authority and powers such as a county or school district is a quasi-corporation. In the United States, such entities are often referred to as quasi-municipal corporations.

A quasi corporation is a business which has operated as a corporation without completing the legal requirements, often in the period just before formal incorporation. It is a corporation formed with good faith intent but lacking a formality.

It is also a corporation consisting of a person or body of persons invested with some of the qualities of an artificial person, though not expressly incorporated, esp. the official of certain municipal divisions such as counties, schools districts, and the towns of some states of the United States, certain church officials, as a churchwarden, etc.[2]

Some examples of quasi public corporations include the following:

  • Sallie Mae
  • Fannie Mae
  • Communications Satellite Corporation (“COMSAT”)
  • U.S. Postal Service [3]

References

  1. ↑ https://stats.oecd.org/glossary/detail.asp?ID=2225
  2. ↑ Inc., US Legal,. "Quasi Corporation Law and Legal Definition | USLegal, Inc". definitions.uslegal.com. Retrieved 2018-10-05.
  3. ↑ "Quasi Public Corporation: Everything You Need to Know". UpCounsel. Retrieved 2018-10-05.


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