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12 January, 07:14

Is your business owned by a business entity what does that mean

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  1. 12 January, 07:39
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    Business entity refers to an organization established by one or more people in order to carry out business transaction.

    Explanation:

    Business entity are organizations owned by one or more persons with the aim of trading and has a legal status. A legal status means business owners can enter into an agreement, owe and pay debts, sue and can be sued.

    Sole proprietorship, partnership, association, limited liability companies or a trust company are examples of business entity.

    Business entity like sole proprietorship does not have separate legal status. What this means is that the owner cannot be separated from the business because it is owned and controlled by one person while others have separate legal status.
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