An entity type describes the type of legal structure a business has. The entity type is important for tax and legal reasons. Examples of entity types are sole proprietorship, C corporation, S corporation, or limited liability corporation, i.e. an LLC. Persons are also considered an entity. D...
Definition:An entity is an organization established through laws oraccounting principlesthat separates it from its owners, other organizations, and individuals. All business forms are considered entities with the exception of a sole proprietorship. The various forms of partnerships and corporations are leg...
A business entity is an organization created in accordance with the law for the purpose of conducting legitimate business. It may include...Become a member and unlock all Study Answers Start today. Try it now Create an account Ask a question Our experts can answer your tough homework and ...
A business entity is an organization that's formed to conduct business. The type of entity determines how a business is taxed and its owner's or owners' exposure to liability. You choose a business entity when you start a business. It's formed by filing paperwork with your state (if requ...
Definition: A business is an organization or entity that sells goods or services for a profit. The important part of this definition is that a business is something that operates in order to make a profit. Not all businesses actually are successful enough make a profit, but their main purpose...
What is Enterprise Architecture? Discussion Comments Byclaire24— On Mar 24, 2011 I have a small business enterprise. I, like others, had always thought of an enterprise as being a huge company. However, the definition of "enterprise" states that it may be bold or require energy. I can ...
Apartnershipis a business run by two or more individuals or entities who share ownership. The distribution of ownership does not necessarily have to be equal. 3. Corporation Acorporationis a for-profit entity designed to protect the owner(s) from liability in case of a lawsuit. The structure...
An entity relationship diagram (ERD), also known as anentityrelationship model, is a graphical representation that depicts relationships among people, objects, places, concepts or events in an information technology (IT) system. An ERD usesdata modelingtechniques that can help define business processes...
Entity Assumption Explained An entity assumption, more commonly referred to as an economic entity assumption, is the first of 10 general accounting principles. The assumption states that in a business organized as a sole proprietorship, the owner’s personal transactions and the business’s financial...
What Is an Entrepreneur? An entrepreneur is an individual who creates a new business, bearing most of the risks and enjoying most of the rewards. The process of setting up a business is known asentrepreneurship. Entrepreneurs play a key role in any economy, using the skills and initiative nec...