14:53 Nov 28, 2009 

I think the "entity" instead of the "vehicle" part of the quotient does just that. It renders the term a little more general, a little less offshore-smelling as well. The entity can have an active, functioning capacity, rather than, as you say, opensource, merely house or transit assets in a more passive sense. I agree with your point, but would merely say that SPE blankets it all fairly well.

19:52 Nov 26, 2009 

it is important to make the distinction between a company/vehicle established for the sole purpose of holding an asset or group of assets (e.g., a pass through vehicle) and an operating company established for a specific purpose (distribution, R&D, construction project)

18:49 Nov 26, 2009 

They are set up for any number of purposes, actually; for example, airline companies use them to buy and hedge fuel. The main idea is that they were formed for a "special purpose," whatever that may be.