De Facto Corporation Legal Meaning and Definition
Here is a simplified definition of the legal term De Facto Corporation.
De Facto Corporation (noun)
A 'De Facto Corporation' is a term used to designate a company that operates as if it were a corporation, even though it has not completed all of the required legal processes to be officially recognized as one. This kind of corporation may not be legally formed in the eyes of the law, however, it is treated as a real corporation to protect the rights of shareholders and other involved parties.