Business Entity. An entity that is formed and administered as per commercial law in order to engage in business activities
There are many types of business entities defined in the legal systems of various countries. These include corporations, cooperatives, partnerships, sole proprietorships, sole traders, limited liability companies, certain trusts and trust companies, and so forth. The rules vary by country and by state or province. Some of the more widely recognized types in the US, UK, and EU are defined in FIBO, by region. However, the regulations governing particular types of entity, even those described as roughly equivalent, differ from jurisdiction to jurisdiction.
- Barron's Dictionary of Business and Economics Terms, Fifth Edition, 2012
This entry annotates a FIBO Ontology Class. FIBO is a trademark and the FIBO Ontology is copyright of the EDM Council, released under the MIT Open Source License. There is no guarantee that the content of this page will remain aligned with, or correctly interprets, the concepts covered by the FIBO ontology.