Define: Quasi Corporation

A quasi corporation is a legal concept that refers to an entity that resembles a corporation but lacks some of the formal attributes typically associated with corporations. Quasi corporations may arise in situations where individuals or groups of people engage in activities or transactions that resemble corporate activities, such as pooling resources, conducting business operations, or sharing profits and losses. However, unlike a traditional corporation, a quasi corporation may not have been formally organized or registered as a legal entity under corporate law. As a result, quasi corporations may lack the legal recognition, structure, and protections afforded to corporations, and their activities may be subject to different legal rules and standards. The concept of a quasi corporation is primarily used to describe informal or unconventional business arrangements that share characteristics with corporations but do not fit neatly within the traditional corporate framework.

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This glossary post was last updated: 29th March, 2024.