Entity Type Reference Guide

This guide provides a overview of GlobeTax standardized entity types, their unique GlobeTax codes, descriptions, and key indications.

Corporations

Key Indications

  • US Tax Form Filed: Typically Forms 1120 or 1120 PF, or classified as Non-U.S. Entity.

  • Transparency: Generally not transparent unless specified.

  • U.S. Tax ID Format: TIN (##-#######)

Entity Types

  • Corporation (COR): A body corporate that is taxable at that level and distinct from its shareholders, files US tax form 1120 or 1120 PF. Keywords: Corporation, Corp, Company, Limited, Ltd, Inc

  • S Corporation (SCR): A corporation meeting IRS Subchapter S requirements, files US tax form 1120 S, allow pass-through taxation for up to 100 shareholders.

  • Bank-Proprietary Funds (BPF): Non-U.S. investment vehicles typically managed by banks for their clients.

  • Fonds voor Gemene Rekening (Opaque-FBI) (FGO): A non-U.S. collective investment fund treated as an opaque entity. Keywords: Opaque, Fund

  • Fonds voor Gemene Rekening (Transparent-FBI) (FGR): A non-U.S. collective investment fund treated as a transparent entity. Keywords: Transparent, Fund

  • Insurance Company (INS): Non-U.S. entities providing life, property, or other insurance.

  • Public Entity (PUB): Non-U.S. entities owned or managed by public bodies.

  • Self Managed Super Fund (SMS): A non-U.S. entity structured for retirement savings managed personally by members.

  • Societe en Nom Collectif (SNC): Non-U.S. entities structured as general partnerships under certain jurisdictions.

  • Umbrella Fund (Opaque) (UFO): A non-U.S. umbrella fund treated as an opaque entity. Keywords: Opaque

  • Umbrella Fund (Transparent) (UFT): A non-U.S. umbrella fund treated as a transparent entity. Keywords: Transparent

Individuals

Key Indications

  • US Tax Form Filed: Typically Form 1040 or reported on a parent/guardian’s Form 1040.

  • Transparency: These entities are generally not transparent.

  • U.S. Tax ID Format: SSN ( ###-##-####)

Entity Types

  • Individual (IND): A citizen or resident of the United States or a non-U.S. entity treated as an individual for tax purposes. Keywords: Agency, Individual’s Name

  • Joint Account (Files Jointly) (JIF): An account shared by two spouses who file a joint tax return.

  • Minor (MIN): A citizen or resident of the United States under the age of 18. Income is reported on the parent or guardian's Form 1040.

  • Individual Retirement Account (IRA): An Individual Retirement Account (IRA) created for tax-advantaged retirement savings. Keywords: IRA, Roth, SEP, Rollover, Individual Retirement

  • Grantor Trust Individual (GTI): A trust where the creator retains some control over income or corpus. Income is reported directly on the grantor's Form 1040.

Partnerships

Key Indications

  • US Tax Form Filed: Typically Form 1065 or classified as Non-S. Entity.

  • Transparency: These entities are transparent.

  • U.S. Tax ID Format: TIN (##-#######)

Entity Types

  • Irish Unit Trust (IUT): A non-U.S. trust structured as a partnership.

  • Limited Liability Company (LLC): A business entity offering liability protection to owners, taxed like a partnership or corporation depending on the election. Keywords: LLC, LC

  • Master Feeder (MAF): A structure commonly used by hedge funds to pool investments through feeder and master funds.

  • Offshore LP (OLP): A non-U.S. limited partnership structure.

  • Partnership (PAR): A business arrangement where profits flow through to partners and are not taxed at the partnership level. Keywords: Partners, Partnership, LP, LLP

  • Unit Trust (UNT): A non-U.S. trust structured for investment, treated as a partnership.

Pensions

Key Indications

  • US Tax Form Filed: Typically Form 5500 or exempt from filing.

  • Transparency: Generally not transparent.

Entity Types

  • Comingled Pension (CPF): Pooled pension funds for diversified investments.

  • Government Pension Fund (GPF): Pension funds maintained by state or local governments. Keywords: City, Firefighters, Police

  • Pension (PEN): Employer-funded retirement plans providing defined benefits. Keywords: Pension, 401(k), Profit Sharing

  • Rev Rule Pension (RRP): Pensions under Revenue Rule 81-100, pooling qualified retirement plans for investment purposes.

Regulated Investment Companies

Key Indications

  • US Tax Form Filed: Non-U.S. Entity or Form 1120 RIC.

  • Transparency: Generally not transparent.

  • U.S. Tax ID Format: TIN (##-#######)

Entity Types

  • Investment Trust Fund (IHC): A non-U.S. regulated investment company.

  • Regulated Investment Company (RIC): A mutual fund or unit investment trust eligible for pass-through taxation.

Tax Exempt Entities

Key Indications

  • US Tax Form Filed: 990, 990 T, or 990 PF, or exempt from filing.

  • Transparency: Generally not transparent.

  • U.S. Tax ID Format: TIN (##-#######)

Entity Types

  • Charity 501(c)(3) Public Charities (CHA): A non-profit, tax exempt organization that must be organized and operated exclusively for exempt purposes. The organization must not be organized or operated for the benefit of private interests and is restricted in how much political and legislative activities they may conduct. A 501(c)(3) organization may include corporations, and any community chest, fund, or

    foundation if they are designated for charitable activities as outlined in IRC Section 501(c)(3). Keywords: Charitable, Church, University, College

  • Charity 501(c)(4) Civic Leagues (CH4): A non-profit promoting social welfare.

  • Charity 501(c)(5) Labor/Agricultural (CH5): A non-profit focused on labor, agricultural, or horticultural activities.

  • Charity 501(c)(6) Business Leagues (CH6): Business leagues, chambers of commerce, or real estate boards.

  • Charity 501(c)(7) Social and Recreation Clubs (CH7): Non-profits established for social or recreational purposes.

  • Charity 501(c)(8) Fraternal Beneficiary (CH8): Non-profits providing benefits like life insurance to members.

  • Charity 501(c)(9) Voluntary Employees (CH9): A voluntary employees' beneficiary association providing benefits like life or accident insurance.

  • Charity 501(c)(12) Local Benevolent (C12): Non-profit organizations providing life insurance or related benefits to members.

  • Charity 501(c)(13) Cemetery Companies (C13): Non-profit organizations maintaining burial grounds.

  • Charity 501(c)(14) Credit Unions (C14): Non-profit credit unions providing financial services to members.

  • Tax Exempt (TXE): A tax-exempt organization under IRC 501(c) or related sections.

  • Government Agency/Municipality (GOV): An executive, legislative, or judicial agency, department, board, commission, authority, institution, or instrumentality of the federal government or of a state, county, municipality, or other political subdivision.

  • Government Pension Fund (GPF): Pension funds established by state or local governments to manage retirement benefits for public employees. Contributions and earnings are typically tax-deferred. Keywords: City, Firefighters, Police

  • Indian Tribe (USA) (INT): A recognized tribe, band, pueblo, or Alaska Native village eligible for special programs and services provided by the United States due to their status as Indians. Federally recognized tribes have rights and attributes similar to sovereign entities.

  • Tax Exempt Investment Trust Fund (TIF): Non-U.S. investment vehicles structured to provide tax benefits under specific international regulations.

Trusts and Estates

Key Indications

  • US Tax Form Filed: Typically Form 1041.

  • Transparency: Varies by entity type.

  • U.S. Tax ID Format: TIN (##-#######)

Entity Types

  • Charitable Remainder Unit Trust (CRU): Trusts providing beneficiaries with regular distributions, with the remainder going to charity. Keywords: CRUT, CLAT

  • Common Trust (CTR): A fund maintained by a bank exclusively for collective investment and reinvestment.

  • Complex Trust (COM): A trust retaining income or benefiting charitable organizations.

  • Rev Rule Trust (RRT): Trusts under Revenue Rule 81-100, including IRAs and U.S. territory pensions.

  • Simple Trust (STR): A trust required to distribute all income annually without distributing the principal.

  • Estate (EST): The taxable entity created after the death of an individual, encompassing all assets and liabilities until distribution to heirs or beneficiaries.

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