ENTITY
A real being; existence. An organization or being that possesses separate existence for tax purposes.
Examples would be corporations, partnerships,
estates, and trusts. The accounting entity for
which accounting statements are prepared may
not be the same as the entity defined by law.
Entity includes corporation and foreign corpo-
ration; not-for-profit corporation; profit and not-
for-profit unincorporated association; BUSINESS
TRUST, estate, partnership, trust, and two or more
persons having a joint or common economic inter-
est; and state, U.S., and foreign governments.
An existence apart, such as a corporation in
relation to its stockholders.
Entity includes person, estate, trust, govern-
