De facto corporation

{
  "id": "MLC-T-LAW-001466",
  "term": "De facto corporation",
  "field": "Law",
  "definition": "A business entity that operates as a corporation and is treated as such by all parties, despite having failed to meet all the statutory requirements for proper incorporation. This status provides some of the protections of corporate limited liability, particularly against third parties who have dealt with the entity as a corporation. It arises when there has been a good faith attempt to incorporate and actual use of corporate powers.",
  "url": "https://mlchart.com/terminology/law/de-facto-corporation/"
}