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In Indian law, an unincorporated company means any partnership firm whether registered or not under Indian Partnership Act, 1932, whose number of partners exceed 20 and exceed 10 in case of a banking business. Such unincorporated company is also known as an illegal association. It does not include an HUF. [citation needed]
A business entity is an entity that is formed and administered as per corporate law [Note 1] 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.
An uncorporation may be formed in an effort to align managers' and owners' interests more closely than in a typical corporation, or may donate most of its profits to charity, [1] or may pursue social responsibility goals that conflict with traditional corporate shareholder primacy.
An LLC is a type of unincorporated association, distinct from a corporation. The primary characteristic an LLC shares with a corporation is limited liability, and the primary characteristic it shares with a partnership is the availability of pass-through income taxation. As a business entity, an LLC is often more flexible than a corporation and ...
A sole proprietor is "someone who owns an unincorporated business by himself or herself." However, if one is the sole member of a domestic limited liability company (LLC), one is not a sole proprietor if one elects to treat the LLC as a corporation. [5]
In the United States, an unincorporated nonprofit association is "an informal group of two or more individuals who join together for a not-for-profit purpose without creating a corporation, LLC, or other entity to do so". [30] The laws governing unincorporated nonprofit associations vary from state to state.
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