Entity

Tax Glossary Definition

Entity

An entity is a legally recognized organization or structure—such as a corporation, partnership, trust, or sole proprietorship—that exists as a distinct and independent unit under the law. It possesses its own rights, responsibilities, liabilities, and obligations, separate from those of its owners or members, allowing it to enter into contracts, own assets, and be held accountable in legal or financial matters.

Example: A private limited company is treated as a separate legal entity, meaning its shareholders are not personally liable for the company’s debts beyond their shareholding.

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