From Longman Business Dictionary
entityen·ti·ty /ˈentəti/ noun (plural entities) [countableC usually singular]ACCOUNTINGLAW1used to talk about any business that is a single unit from a legal or financial point of viewThe thrift was declared insolvent and merged with seven other Texas thrifts into a new entity.
→ business entity → legal entity2the entity convention the principle that a business is separate from the people who own it, so that they do not have to use their own money to pay the company’s debts