A statutory corporation is a corporation created by statute. Their precise nature varies by jurisdiction thus they might be ordinary companies/corporations owned by a government with or without other shareholders, or they might be a body without shareholders which is controlled by national or sub-national government to the (in some cases minimal) extent provided for in the creating legislation.
Statutory corporation are public enterprises brought into existence by a Special Act of the Parliament. The Act defines its powers and functions, rules and regulations governing its employees and its relationship with government departments.

This is a corporate body created by the legislature with defined powers and functions and is financially independent with a clear control over a specified area or a particular type of commercial activity. It is a [corporate personhood|corporate person] and has the capacity of acting in its own name. Statutory corporations therefore have the power of the government and considerable amount of operating flexibility of private enterprises. Few are

• Airports Authority of India
• Damodar Valley corporation
• National Highways Authority of India
• Central Warehousing Corporation 
• Inland Waterways Authority of India 
• Food Corporation of India 
• National Human Rights Commission

Features:

1. Generally financed by the central or state government.
2. May borrow funds from the public and govt. organisation through statutory sources.
3. they have separate legal entity.
4. they have to frame their own policies & procedures within the scope of state legislature.
5. providing better services to public & make adequate profit.
6. they are autonomous in their functioning thus they enjoy operation flexibility.
7. they can recruit & appoint their employee with their service condition, since they are corporate body.
8. they have to follow the special statute strictly.
9. there is less government interference in matters of the corporation.
10. there is limited liability of the members of the corporation

There are certain rules and regulations you need to follow while establishing anything and everything. These rules and regulations help you form a strong base for your work. These rules are especially mandatory when dealing with any legal venture. Similarly, when you set up your business, you need to follow certain rules and regulations, prescribed by the Government. It gives your entity a legal identity as well as provides you with other benefits. Obtaining Certificate of Commencement of Business is one of the steps you need to follow between registering and running your business. It was a mandatory step until Companies Act, 2015 was introduced. The Act has now removed the previous compulsion of having this certificate. Now, it depends on you whether to obtain one or not. Howsoever, discussed below is what is a certificate of commencement of business.

The certificate of commencement of business was a mandatory step under Companies Act, 2013. It was mandatory for public companies with share capital. The certificate is issued by the registrar of joint stock companies.

The certificate of commencement of business was important because only after obtaining the certificate were you allowed to start any business related activities. Before that, you were not allowed to exercise any kind of powers or benefits which come along with company registration.

Korea United Pharm Miscellaneous

Departmental organisation does not fulfill the requirements of autonomy, flex­ibility and initiative that are so essential for a successful business undertaking. However, it is very suitable in the following cases.

1. Where utmost secrecy is required, e.g., defence production and atomic energy.

2. Where absolute government control over strategic industries is necessary, e.g., broadcast­ing, telecommunications, public utilities, etc

. 3. Where economic control is necessary, e.g. state trading in essential commodities and rationing

; 4. Where the private sector is unable to enter due to huge capital investment, e.g., ship­building, aircraft manufacture, iron and steel, etc; and

5. Where the undertaking is to be used as a source of revenue, e.g., Indian Railways. 10.8 Public Corporations

Types of Businesses:

American economist Milton Friedman once famously proclaimed that "the business of business is business. " Capitalist economies such as the United States rely on businesses to legally produce capital from the trading of goods and services. There are many types of business entities defined in the legal systems of various countries. Moreover, the types of businesses that exist today can vary by jurisdiction. Primary ownership types of businesses include corporations, cooperatives, limited liability partnerships (LLPs), limited liability companies (LLCs) and sole proprietorships.

Business Ownership Types

The type of business a group or individual creates will influence the legal and tax structure of the entity. The following are some of the most common ownership types for organizations:

• Sole proprietorship: A sole proprietorship is a business owned by one person for-profit, though the owner may hire and manage employees. The business owner has unlimited liability for the debts incurred by the business.
• Partnership: A partnership is a business owned by two or more people. In most cases, each partner has unlimited liability for the debts incurred by the business. The three typical classifications under for-profit partnerships are general partnerships, limited partnerships, and limited liability partnerships.
• Corporation: A corporation is a government-owned, publicly-owned, or privately- owned limited liability business that contains a separate legal personality from its members. It can also be a for-profit or non-profit corporation. Public for-profit corporations are owned by shareholders who elect a board of directors to direct the corporation and hire its managerial staff.
• Cooperative: Often referred to as a "co-op", a cooperative is a limited liability business that can organize as for-profit or not-for-profit. A cooperative differs from a for-profit corporation since members, as opposed to shareholders, share decision-making authority. Cooperatives are typically classified as either consumer cooperatives or worker cooperatives.

Business Industry Types

Businesses also vary by industry due to the wide variety of products and service they offer to the market. The following industry classifications are usually applied to businesses:

• Agriculture and mining businesses are concerned with the production of raw material, such as plants or minerals.
• Financial businesses include banks and other companies that generate profit through investment and management of capital.
• Information businesses generate profits primarily from the resale of intellectual property. This includes movie studios, publishers, and packaged software companies.
• Manufacturers create products from raw materials or component parts, which they then sell at a profit. Companies that make physical goods such as automobiles or pipes are considered manufacturers.
• Real estate businesses generate profit from the selling, renting, and development of properties comprising land, residential homes, and other kinds of buildings.
• Retailers and distributors such as consumer-oriented stores act as middlemen in transporting manufactured goods to consumers. They make a profit by providing sales or distribution services.
• Service businesses offer intangible goods or services and typically generate a profit by charging for labor or other services provided to government, other businesses, or consumers. Typical service businesses include consulting firms, restaurants, and house decorators.
• Transportation businesses deliver goods and individuals from location to location, generating a profit on the transportation costs.
• Utilities produce public services such as electricity or sewage treatment, usually under a government charter.