Difference between revisions of "Entity"
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An '''entity''' or '''legal entity''' is a [[human|person]] or legally recognized organization. Categories of legal entity are for-profit [[corporation]]s, of which there are many types, 501(c)(3) [[non-profit organization]]s or [[church]]es, 501(d) [[monastery|monasteries]], political action organizations, and state or local governments. Not all organizations, churches, or businesses are legal entities, nor have all legal entities the legal categorization that would seem obvious: an application to the [[IRS]] must be accepted to register 501(c)(3) and 501(d) entities, which are not required to pay [[income tax]]. A business license (granted by state, rather than federal, government) is necessary to register a corporation. | An '''entity''' or '''legal entity''' is a [[human|person]] or legally recognized organization. Categories of legal entity are for-profit [[corporation]]s, of which there are many types, 501(c)(3) [[non-profit organization]]s or [[church]]es, 501(d) [[monastery|monasteries]], political action organizations, and state or local governments. Not all organizations, churches, or businesses are legal entities, nor have all legal entities the legal categorization that would seem obvious: an application to the [[IRS]] must be accepted to register 501(c)(3) and 501(d) entities, which are not required to pay [[income tax]]. A business license (granted by state, rather than federal, government) is necessary to register a corporation. | ||
[[Category:Legal Terms]] | [[Category:Legal Terms]] | ||
Revision as of 00:17, December 15, 2009
An entity or legal entity is a person or legally recognized organization. Categories of legal entity are for-profit corporations, of which there are many types, 501(c)(3) non-profit organizations or churches, 501(d) monasteries, political action organizations, and state or local governments. Not all organizations, churches, or businesses are legal entities, nor have all legal entities the legal categorization that would seem obvious: an application to the IRS must be accepted to register 501(c)(3) and 501(d) entities, which are not required to pay income tax. A business license (granted by state, rather than federal, government) is necessary to register a corporation.
