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The term 'de facto' refers to what actually, in fact is in effect. The term 'de jure' refers to what is supposed to be in effect, in accordance with legal requirements and standards. A corporation that is described as 'de facto' means that it's being run in such a way that its owners and its directors aren't the same as those that are so identified in the legal documents.

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Q: What are the characteristics of a 'de facto' corporation?
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