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The term ‘legal entity’ should be construed broadly. Some of the characteristics of a legal entity to consider include:

  • Does the entity file a tax return?
  • Did the entity file organization documents with a governmental agency?
  • Does the entity have a governing board (e.g., something similar to a board of directors);
  • Is the entity required to file reports of any kind with a governmental agency?
  • Can the entity enter into contracts in its own name?
  • Does the entity have a bank account?

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