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A quango or QUANGO is an organisation to which a government has devolved power, but which is still partly controlled and/or financed by government bodies. The term was originally a shortening of "quasi-NGO", where NGO is the acronym for a non-government organization.
Administrative division, administrative unit, country subdivision, administrative region, subnational entity, constituent state, as well as many similar terms, are generic names for geographical areas into which a particular, independent sovereign state (country) is divided. Such a unit usually has an administrative authority with the power to take administrative or policy decisions for its area.
Business is the practice of making one's living or making money by producing or buying and selling products. It is also "any activity or enterprise entered into for profit."
A nonprofit organization (NPO) or non-profit organisation, also known as a non-business entity, not-for-profit organization, or nonprofit institution, is a legal entity organized and operated for a collective, public or social benefit, in contrast with an entity that operates as a business aiming to generate a profit for its owners. A nonprofit is subject to the non-distribution constraint: any revenues that exceed expenses must be committed to the organization's purpose, not taken by private parties. An array of organizations are nonprofit, including some political organizations, schools, business associations, churches, social clubs, and consumer cooperatives. Nonprofit entities may seek approval from governments to be tax-exempt, and some may also qualify to receive tax-deductible contributions, but an entity may incorporate as a nonprofit entity without securing tax-exempt status.
Special districts are independent, special-purpose governmental units that exist separately from local governments such as county, municipal, and township governments, with substantial administrative and fiscal independence. They are formed to perform a single function or a set of related functions. The term special district governments as defined by the U.S. Census Bureau excludes school districts. In 2017, the U.S. had more than 51,296 special district governments.
A state-owned enterprise (SOE) is a government entity which is established or nationalised by the national government or provincial government by an executive order or an act of legislation in order to earn profit for the government, control monopoly of the private sector entities, provide products and services to citizens at a lower price and for the achievement of overall financial goals & developmental objectives in a particullar country. The national government or provincial government has majority ownership over these state owned enterprises. These state owned enterprises are also known as public sector undertakings in some countries. Defining characteristics of SOEs are their distinct legal form and possession of financial goals & developmental objectives, SOEs are government entities established to pursue financial objectives and developmental goals.
In law, a legal person is any person or 'thing' that can do the things a human person is usually able to do in law – such as enter into contracts, sue and be sued, own property, and so on. The reason for the term "legal person" is that some legal persons are not people: companies and corporations are "persons" legally speaking, but they are not people in a literal sense.
Corporate governance is defined, described or delineated in diverse ways, depending on the writer's purpose. Writers focused on a disciplinary interest or context often adopt narrow definitions that appear purpose-specific. Writers concerned with regulatory policy in relation to corporate governance practices often use broader structural descriptions. A broad (meta) definition that encompasses many adopted definitions is "Corporate governance” describes the processes, structures, and mechanisms that influence the control and direction of corporations."
A joint-stock company is a business entity in which shares of the company's stock can be bought and sold by shareholders. Each shareholder owns company stock in proportion, evidenced by their shares. Shareholders are able to transfer their shares to others without any effects to the continued existence of the company.
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In domestic and international commercial law, a beneficial owner is a natural person or persons who ultimately owns or controls an interest in a legal entity or arrangement, such as a company, a trust, or a foundation. Legal owners, commonly described as the "registered owners", may hold those interests as beneficial owners or for the benefit of someone else, in which case they may be described as a "nominee".
A company, abbreviated as co., is a legal entity representing an association of people, whether natural, legal or a mixture of both, with a specific objective. Company members share a common purpose and unite to achieve specific, declared goals. Companies take various forms, such as:
A statutory corporation is a government entity created as a statutory body by statute. Their precise nature varies by jurisdiction, thus, they are statutes owned by a government or controlled by national or sub-national government to the extent provided for in the creating legislation.
In financial regulation, a politically exposed person (PEP) is one who has been entrusted with a prominent public function. A PEP generally presents a higher risk for potential involvement in bribery and corruption by virtue of their position and the influence that they may hold. The terms "politically exposed person" and senior foreign political figure are often used interchangeably, particularly in international forums.
Foreign official or foreign public official refers to a person who acts in an official capacity for a foreign government. The term is chiefly used in connection with international conventions and national laws against corruption in international trade.
Privatization is the process of transferring ownership of a business, enterprise, agency, charity or public service from the public sector or common use to the private sector or to private non-profit organizations.
References
- ↑ "OECD Glossary of Statistical Terms - Quasi-corporations Definition". stats.oecd.org. Retrieved May 18, 2020.
- ↑ "Quasi-corporation". Wex. Cornell Law School. Retrieved 16 October 2021.
- ↑ Lienart, Ian (8 June 2008). "Where Does the Public Sector End and the Private Sector Begin?". IMF Working Paper No. 09/122.
- ↑ Liberto, Daniel. "Quasi-Public Corporation Definition". Investopedia. Retrieved 2020-04-16.
- ↑ André, Rae (December 2010). "Assessing the Accountability of Government-Sponsored Enterprises and Quangos". Journal of Business Ethics. 97 (2): 271–289. doi:10.1007/s10551-010-0509-y.
- ↑ Tooke, C.W. (1931). "The Status of the Municipal Corporation in American Law". Minnesota Law Review. 16: 343.
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