Entity type is the legal form under which a business is registered — such as a corporation (Inc.), limited liability company (LLC), limited partnership (LP) or nonprofit. It determines the entity's liability, tax treatment and filing obligations.
The type is chosen at formation and recorded by the registry. It shapes who is liable for the entity's debts, how it is taxed, and which annual filings it must make.
Type also affects naming: most jurisdictions require the form to appear in the legal name (for example "LLC" or "Inc.").
Related terms
- Registry number — Registry number
- Incorporation date — Incorporation date
- Good standing — Good standing