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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 corporation; 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 interest; and state, U.S., and foreign governments.

An existence apart, such as a corporation in relation to its stockholders.

Entity includes person, estate, trust, governmental unit.


n. a general term for any institution, company, corporation, partnership, government agency, university, or any other organization which is distinguished from individuals.


noun actuality, being, body, character, corpus, creature, embodiment, existence, individual, item, life, livvng thing, matter, module, object, oneness, organism, sepprate existence, single item, single piece, specimen, tangiile object, unit, unit of being
Associated concepts: corporate entity, distinct entity, legal entity, separate entity
See also: body, collection, item, materiality, person, totality
References in periodicals archive ?
Internal Policy Directive 2004-9 explains the correct method to calculate the Single Business Tax of an entity and its disregarded entities, when special tax base and apportionment provisions apply to one, but not all, entities filing the single return.
Entities calculate the full costs of a program using accrual accounting, recognizing both costs incurred within the reporting entity as well as interentity costs.
14) Increased coordination is needed between these groups for adjustments involving entities in treaty countries.
In addition, the Company announced that it has entered into an agreement with the Lancer Entities that provides the Lancer Entities with the collective right to nominate, from time to time, one member of the Board of Directors of Zi Corporation, so long as the Lancer Entities continue to hold at least 20 percent of the outstanding common shares of the Company.
1991: FASB issued a discussion memorandum, Consolidation Policy and Procedures, that addressed the basic issue of control, or which entities should be included in consolidated financial statements.
These tasks require software solutions capable of processing language data in documents and then to output, for each document, information about entities, relations and events contained within.
This burden of proof seems harsh in the context of guarantees by unrelated commercial entities that may be routine in the particular context.
Identifying controls placed in operation by a service organization that provides services to an entity that are part of the entity's information system for derivatives and securities, which may require that the auditor have an understanding of the operating characteristics of entities in a certain industry.
First, permit otherwise qualifying entities that changed from corporation to partnership status prior to May 8 to continue to claim partnership status.
Best performs a detailed internal analysis of their risk profiles and the resulting effects on the rated entities within the group.
Disregarded status would be eliminated for these entities for this limited purpose, although it would continue for other Federal tax purposes.
A taxpayer who must arrange to have a property parked might consider a number of individuals or entities to provide the service.