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English definition of “de facto corporation”

de facto corporation

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 corporation, he cannot avoid payment by showing that the corporation was not legally organized.
(Definition of de facto corporation from the Cambridge Business English Dictionary © Cambridge University Press)
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