Changes

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]]