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A business entity is an entity that is formed and administered as per commercial law in order to engage in business activities, charitable work, or other activities allowable. Most often, business entities are formed to sell a product or a service. There are many types of business entities defined in the legal systems of various countries. These include corporations, cooperatives, partnerships, sole traders, limited liability company and other specifically permitted and labelled types of entities. The specific rules vary by country and by state or province. Some of these types are listed below, by country. For guidance, approximate equivalents in the company law of English-speaking countries are given in most cases, e.g.
However, the regulations governing particular types of entity, even those described as roughly equivalent, differ from jurisdiction to jurisdiction.
When creating or restructuring a business, the legal responsibilities will depend on the type of business entity chosen.[1]
See also help.gv.at (Austrian government site, in German)
Dutch, French or German names may be used.
In Canada entities can be incorporated under either federal or provincial (or territorial) law. Unlimited liability corporations can be formed in Alberta "AULC" and Nova Scotia "NSULC".
The word or expression "Limited", Limitée, "Incorporated", Incorporée, "Corporation" or Société par actions de régime fédéral or the corresponding abbreviation "Ltd.", Ltée, "Inc.", "Corp." or S.A.R.F. forms part of the name of every entity incorporated under the Canada Business Corporations Act (R.S., 1985, c. C-44). ≈ Ltd. or Plc (UK)
As an exception, entities registered prior to 1985 may continue to be designated Société commerciale canadienne or by the abbreviation S.C.C.
Under the Canada Cooperatives Act (1998, c. 1), a co-operative must have the word "cooperative", "co-operative", "coop", "co-op", coopérative, "united" or "pool", or another grammatical form of any of those words, as part of its name.
Unlike in many other Western countries, Canadian businesses generally only have one form of incorporation available. The aforementioned AULC and NSULC are generally not used as operating business structures, but are instead used to create favorable tax positions for either Americans investing in Canada or vice versa.[5]
Rather, Canadian businesses are generally formed under one of the following structures:
Types of legal person business entities:[7]
Types of natural person business entities:
An SE or SCE may be created by registration in any of the EU/EEA Member States, and is subject to the European Company Statute. It may relocate its registered office to any other EU/EEA Member State with minimal formalities.
General economic entities
The abbreviations are usually in Finnish, but Swedish names may also be used either as is or in combination with Finnish, e.g. Oy Yritys Ab.
Non-profit entities
For-profit entities of public law
Economic entities for special purpose
Real estate law corporations
In the corporations of real estate law, the ownership or membership may be vested either in the real property or in a legal or natural person, depending on the corporation type. In many cases, the membership or ownership of such corporation is obligatory for a person or property that fulfils the legal requirements for membership or wishes to engage in certain activities.
In addition to native types, European Union types are implemented:
Of these, only nyrt., zrt., the formerly used rt., and kft. have legal personality.
Similar to United Kingdom below, though without the class Community Interest Company. There were two forms of Company Limited by Guarantee, but only the form without a share capital is now used. Irish names may also be used, such as cpt (cuideachta phoibli theoranta) for plc, and Teo (Teoranta) for Ltd.
Business corporations are referred to as kaisha (会社) and are formed under the Companies Law of 2005. There are currently (2015) 4 types and each of them has legal personality:
Partnerships are referred to as kumiai (組合). Each of these 4 types has no legal personality though other corporations, which include "kumiai" in their name, have:
Note: Any of these entities can be incorporated as a "Capital Variable" entity, in which case has to add the " de C.V." sufix to its company name. Example: "S.A. de C.V.", "S. de R.L. de C.V."
Companies are registered on the Companies Register and with a regional Chamber of Commerce.[33]
The Commercial Code establishes the following types of companies:
Older forms (now rarely used)
References: (Polish) Commercial Companies Code of 15 September 2000 (Dz.U. No 94 item 1037 as amended); (Polish) Civil Code of 23 April 1964 (Dz.U. No 16 item 93 as amended); (Polish) Law on Cooperatives of 16 September 1982 (Dz.U. 2003 No 188 item 1848 as amended)
limited liability company "societate cu raspundere limitata" (SRL); joint stock company "societate pe actiuni" (SA);
According to Code of Obligations (fifth book of Civil Code) (Act No: 6098)
According to the Commercial Code (Act No: 6102)
Şahıs şirketleri ≈ Partnerships
Sermaye şirketleri ≈ Companies
According to the Capital Markets Act (Act No: 6362)
According to the Cooperatives Act (Act No: 1136)
Other entitites:
Company formation is regulated by the Ukrainian Civil Code and Commercial Code, Law of Commercial companies, Law of stock companies, law and order.
In the United States, the individual states incorporate most businesses. Very few special types are incorporated by the federal government.
For federal tax purposes, the Internal Revenue Service has separate entity classification rules. Under the tax rules, an entity may be classified as a corporation, a partnership, a Cooperative or a disregarded entity. A corporation may be either a Subchapter S corporation or a C corporation. A disregarded entity has one owner (or a married couple as owner) that is not recognized for tax purposes as an entity separate from its owner. Types of disregarded entities include single-member LLCs; qualified subchapter S subsidiaries and qualified real estate investment trust subsidiaries. A disregarded entity's transparent tax status does not affect its status under state law. For example, for federal tax purposes, a sole-member LLC (SMLLC) is disregarded, so that all its assets and liabilities are treated as owned by its single member. But under state law, an SMLLC can contract in its own name and its owner is generally not personally liable for the debts and obligations of the entity.[42] To be recognized as a Cooperative for tax purposes Cooperatives must follow certain rules under Sub Chapter T of the Internal Revenue Code.[43]
The key word for a bank is "national". A bank chartered by the Office of the Comptroller of the Currency (OCC) must have the word "national" in its name. A bank chartered by a state cannot have "national" in its name. For a savings bank (formerly called a savings and loan association) or credit union, the key word is "federal," and the same rules apply; a federally chartered savings bank or credit union must have the word "federal" in its name, while a state chartered savings bank or credit union cannot have "federal" in its name.
Many federal governmental units are specially formed charter from Congress.
The following are the main business designations and types:
See also Delaware corporation, Nevada corporation, Massachusetts business trust. Required designations for corporations, by U.S. state, territory or commonwealth:
The commercial name should bear Omani Joint Stock Company (S.A.O.G)
United Kingdom company law, United Kingdom, Unlimited company, England, Corporate law
Å, Ö, Sweden, Finland, Finnish language
Types of business entity, Parent company, American Broadcasting-Paramount Theatres, ABC News, Tom Clancy
San Jose, California, Types of business entity, Electronic Design Automation, Virage Logic, Nasdaq
Industry, United States, Software, Types of business entity, Energy
Kosovo, Telecommunication, Types of business entity, Information technology, Limited liability company