Explanation:
A public corporation is essentially a creation of the state. It comes into being through a law made by the government, usually an Act of Parliament at the federal level or an edict at the state level, and it is owned, funded and supervised by the government on behalf of the people. This is what separates it from a private company, which is set up by individuals or shareholders purely to make profit. Some public corporations do produce goods, and a few may involve partnerships, but what defines them as a class is that the state is their creator and owner.