Which type of corporation accepts a franchise for public duties but operates for profit?

In the context of corporations, a quasi-public corporation is one that serves a public purpose while also operating for profit. These corporations often fill the gap between public and private enterprises, typically engaging in services that are essential for the public but financed by private means. They may be involved in utilities, transportation, or other public services and are generally regulated to ensure accountability while still allowing for profit generation.

The nature of a quasi-public corporation allows it to take on franchises that ensure it can provide public services, highlighting its dual role. For instance, a utility company may have a franchise to operate within a certain region, ensuring delivery of essential services while also being allowed to make a profit from its operations.

Other types of corporations differ fundamentally in purpose. A public corporation typically refers to those owned by government entities and primarily serving public needs without the objective of profit. A private corporation operates solely for profit without the obligation to provide public services. Government-owned or controlled corporations (GOCCs) are entirely owned by the government and primarily serve public interests without operating for profit in the same manner as quasi-public corporations.