de facto corporation

de facto corporation
   (Latin: by fact-by virtue of existence rather than right)
   A company that functions as if it were a corporation, although it has not completed the legal process of becoming incorporated (e.g., by not yet filing its articles of incorporation) or has been dissolved or suspended but continues to operate. Courts will temporarily treat the corporation as if it were legal to avoid unfairness to people who thought it was.

Business law dictionary. 2015.

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  • de facto corporation — ➔ corporation * * * de facto corporation UK US noun [C] ► in the US, a corporation that is allowed to continue to exist, although it has not been officially made a corporation by law: »The court found that, when a person buys stock of a de facto… …   Financial and business terms

  • de facto corporation — A business that has not completed all of the legal steps to become a corporation will be treated as a corporation by the court to shield the directors, officers, and shareholders who in good faith thought they were operating the business as a… …   Law dictionary

  • De facto corporation and corporation by estoppel — Companies law Company  …   Wikipedia

  • de facto corporation — A corporation in fact, an apparent corporate organization, asserted to be a corporation by its members, and actually acting as such, but lacking the creative fiat of the law an organization with color of law, exercising corporate rights and… …   Ballentine's law dictionary

  • de facto corporation — noun A business entity that is treated as a corporation for certain purposes despite its failure to meet all of the formal requirements imposed by law for a corporation to exist …   Wiktionary

  • corporation — cor·po·ra·tion /ˌkȯr pə rā shən/ n [Late Latin corporatio, from Latin corporare to form into a body, from corpor corpus body]: an invisible, intangible, artificial creation of the law existing as a voluntary chartered association of individuals… …   Law dictionary

  • Corporation — A legal person that is separate and distinct from its owners. A corporation is allowed to own assets, incur liabilities, and sell securities, among other things. The New York Times Financial Glossary * * * corporation cor‧po‧ra‧tion… …   Financial and business terms

  • corporation — A legal entity that is separate and distinct from its owners. A corporation is allowed to own assets, incur liabilities ( liability), and sell securities, among other things. Bloomberg Financial Dictionary An entity created by or under the… …   Financial and business terms

  • Corporation — This article is about business corporations. For other uses, see Corporation (disambiguation). Corporate redirects here. For the Bollywood film, see Corporate (film). A corporation is created under the laws of a state as a separate legal entity… …   Wikipedia

  • corporation de facto — See de facto corporation …   Ballentine's law dictionary

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