The incorporation of the town of halfway, oregon, is approved by the state. halfway is

Halfway is a municipal corporation.

It is organized as a legal entity, and its charter is recognized by the state. A municipal corporation differs from business corporations, which can either be publicly held (selling shares in stock) or privately held corporations (which do not offer stock for sale to the public). A municipal corporation does not sell stock or have shareholders either, but operates under different regulations than would a privately held business corporation.