Business Entity Definition & Overview

Posted by Exit Promise under Legal
From https://exitpromise.com 2266 days ago

A business entity is a separate legal structure under which a business operates which is distinct from the individual or individuals who own the business.

In the eyes of the law, a business entity exists in isolation from its owners. This offers its owners the ability to separate and protect their individual, personal assets and income from certain existing and potential liabilities associated with the business operation.

To more fully understand the nuances associated with business entities, this post offers you additional information so you may carefully consider the personal liability protections offered by the formation of a business entity, the various types of business entities, the business owners’ titles and roles, the types of liabilities which do not escape your personal responsibility when you own a business entity, and how to maintain a business entity in good standing in the eyes of the law.