What is the term for a corporation formed to conduct a nongovernmental function?

The term for a corporation formed to conduct a nongovernmental function is indeed a private corporation. A private corporation is typically owned by private individuals or groups and is focused on achieving specific objectives, usually of a financial nature. Unlike public corporations, which may operate with governmental oversight or are owned by the government, private corporations operate independently and are not accountable to the public in the same manner.

Private corporations can range from small businesses to large companies, and they can engage in various activities, including profit generation, service provision, or product manufacturing. This classification provides a clear distinction from other forms such as non-profit organizations, which focus on charitable activities and do not operate for profit.