Private Corporation – founded by and composed of private individuals principally for a nonpublic purpose (i.e. manufacturing, banking, railroad corporations (including charitable and religious corporations), whose stock is not traded on the stock market

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private corporation:
(17c)

1. A corporation founded by and composed of private individuals principally for a nonpublic purpose, such as manufacturing, banking, and railroad corporations (including charitable and religious corporations). — aka quasi-individual. [1]

1. A corporation created for private as distinguished from purely public purposes.  Miller v Davis, 136 Tex 299, 130 SW2d 973, 136 ALR 177.

The character of a corporation as public or private is determined by the terms of its charter and the general law under which it was organized, not upon the character of its stockholders or the number of persons engaged in the enterprise.  Macon County Tel. Co. v Bethany Mut. Tel. Asso. 270 I11 183, 110 NE 334. [2]

1. An entity made up of individuals to which the government has granted a charter, so that it may have a legal existence separate from those individuals for the purpose of carrying on a private purpose (EXAMPLE: operating a business; operating a charity) under its own name. 
     Compare public corporation.  See corporation.  See also business corporation; nonprofit corporation.

2. A close corporation or other privately held corporation, as distinguished from a corporation whose stock is traded on a stock exchange. [3]

References:

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[1] Black’s Law Dictionary Deluxe Tenth Edition by Henry Campbell Black & Editor in Chief Bryan A. Garner. ISBN: 978-0-314-62130-6

[2]: Ballantine’s Law Dictionary with Pronunciations
Third Edition
 by James A. Ballantine (James Arthur 1871-1949).  Edited by William S. Anderson.  © 1969 by THE LAWYER’S CO-OPERATIVE PUBLISHING COMPANY.  Library of Congress Catalog Card No. 68-30931

[3]: Ballantine’s Law Dictionary Legal Assistant Edition by Jack Ballantine (James Arthur 1871-1949).  Doctored by Jack G. Handler, J.D. © 1994 Delmar by Thomson Learning.  ISBN 0-8273-4874-6.

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