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Answer Posted / dileep kumar c c
An entity is an independent existence formed by one or more persons to conduct any profitable or charitable activity and take the benefit(whether profit or loss) out of it. Here if the activity is a profitable one then it is called business purpose entity and if it is a non profitable activity then it is called a charitable purpose entity. When such an entity is registered under any statute then its becomes a legal entity.
The person(s) involved in such entity is/are called owners of such entity. So it is clear that such owners are separate from such entity.
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