PUBLIC CORPORATION Meaning and
Definition
-
A public corporation is a type of legal entity that is formed to engage in commercial activities and is owned by the government or the general public. It is established through a process known as incorporation, which grants it a separate legal existence from its owners or shareholders. Public corporations are typically created by the government to provide essential services to the public or to carry out specific governmental functions.
Unlike private corporations, public corporations are owned by the state or the public at large, and their shares are traded on public stock exchanges. As such, they are subject to government regulations and transparency requirements, including the preparation and disclosure of financial statements and reports.
Due to their ownership structure, public corporations are often accountable to the general public and must act in the best interest of the community they serve. The government usually appoints a board of directors or a CEO to oversee the corporation's operations and ensure that it fulfills its public service mandate.
Public corporations can operate in various sectors, such as transportation, energy, telecommunications, or healthcare. They may have a monopoly over certain services, granted by the government, or they could face competition from private entities in a regulated market.
Overall, public corporations play a vital role in providing essential services to the general public, while being subject to governmental oversight to ensure efficiency, accountability, and the fulfillment of their obligations.
Common Misspellings for PUBLIC CORPORATION
- oublic corporation
- lublic corporation
- -ublic corporation
- 0ublic corporation
- pyblic corporation
- phblic corporation
- pjblic corporation
- piblic corporation
- p8blic corporation
- p7blic corporation
- puvlic corporation
- punlic corporation
- puhlic corporation
- puglic corporation
- pubkic corporation
- pubpic corporation
- puboic corporation
- publuc corporation
- publjc corporation
- publkc corporation
Etymology of PUBLIC CORPORATION
The word "public corporation" is derived from Latin and English origins.
The term "corporation" comes from the Latin "corpus", meaning "body". In ancient Rome, it referred to a legal entity recognized as a separate body or person from its owners, responsible for its own actions and liabilities. Over time, "corporation" evolved to represent a legally recognized entity formed to conduct business or other activities.
The word "public" comes from the Latin "publicus", meaning "of the people" or "pertaining to the people". It refers to something that is open, accessible, or available to all members of a community or society.
When these two words are combined, "public corporation" refers to a legal entity that is formed for the purpose of conducting business or other activities that serve the interests of the general public.
