Business, Legal & Accounting Glossary
that which is perceived or known or inferred to have its own distinct existence (living or nonliving). A thing that exists in its own right. The law recognizes corporations and people as entities with rights and legal obligations.
n. a general term for any institution, company, corporation, partnership, government agency, university or any other organization which is distinguished from individuals.
An organization, institution, or being that has its own existence for legal or tax purposes. An entity is often an organization with an existence separate from its individual members–for example, a corporation, partnership, trust, estate, or government agency. The entity is treated as a person; it can function legally, be sued, and make decisions through agents.
The entity that is responsible for distributing funds in the debtors bankruptcy case is the bankruptcy trustee whom we can contact.
You must treat your LLC as a completely separate entity from yourself if you expect to have all the liability protections of your state.
After completing the appropriate paperwork, they finally became a legal entity and were able to focus on important business tasks.
special purpose entity
flow through entity
economic entity assumption
entity trading account
variable interest entity
business entity concept
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This glossary post was last updated: 21st November, 2021 | 0 Views.