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

corporation A corporation is an organization—usually a group of people or a company—authorized by the state to act as a single entity (a legal entity recognized by private and public law "born out of statute"; a legal person in legal context) and r ...

, but has not been granted

separate legal personality In law, a legal person is any person or 'thing' (less ambiguously, any 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 ...

statute A statute is a formal written enactment of a legislative authority that governs the legal entities of a city, state, or country by way of consent. Typically, statutes command or prohibit something, or declare policy. Statutes are rules made by le ...

. 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 telephone company, also known as a telco, telephone service provider, or telecommunications operator, is a kind of communications service provider (CSP), more precisely a telecommunications service provider (TSP), that provides telecommunica ...

oil and gas A fossil fuel is a hydrocarbon-containing material formed naturally in the Earth's crust from the remains of dead plants and animals that is extracted and combustion, burned as a fuel. The main fossil fuels are coal, petroleum, oil, and natura ...

water Water (chemical formula ) is an inorganic, transparent, tasteless, odorless, and nearly colorless chemical substance, which is the main constituent of Earth's hydrosphere and the fluids of all known living organisms (in which it acts as a ...

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

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 N ...

Freddie Mac The Federal Home Loan Mortgage Corporation (FHLMC), commonly known as Freddie Mac, is a publicly traded, government-sponsored enterprise (GSE), headquartered in Tysons Corner, 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 inter-city rail service in 46 of the 48 contiguous United Stat ...

(National Railroad Passenger Corporation), the

Communications Satellite Corporation COMSAT (Communications Satellite Corporation) 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. A ...

(“COMSAT”), and the

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

State and local government

In the

United States The United States of America (U.S.A. or USA), commonly known as the United States (U.S. or US) or America, is a country primarily located in North America. It consists of 50 states, a federal district, five major unincorporated territorie ...

, 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