Definition of public corporations. - SS2 Government Lesson Note

A public corporation is a type of legal entity that is owned and operated by the government, with the goal of providing public services and generating revenue for the government. It is usually created through legislation and is granted certain powers and privileges, such as the ability to issue bonds or to regulate certain industries.

Unlike private corporations, public corporations are accountable to the government and to the public, and their profits are typically reinvested in public services or used to pay off government debt. Examples of public corporations include nationalized industries such as rail companies or energy utilities, as well as government agencies.