How do I choose the right type of legal entity when registering to ILATS EOOD (Legal-Coin) as a company?

When choosing the type of registered legal entity that describes your business, make sure to choose the correct value. An incorrect entity type can delay the approval of your ILATS EOOD account.

If you are unsure which entity type to choose, please review the following definitions to help determine the one that best describes the type of company you are registering to ILATS EOOD.

Note: If you run an individual business (for example a sole proprietorship) that is not registered, please sign up to ILATS EOOD as an individual.


Public corporation (Co/Corp/Inc) – a company whose ownership is organized via shares of stock which are freely traded on a stock exchange

Private corporation (Co/Corp/Inc) – a corporation owned by a relatively small number of shareholders or company members, and which does not trade its shares to the public on any stock exchange, but rather the company’s stock is offered, owned, traded, or exchanged privately

Limited company (Ltd) – a type of corporation available in certain countries, where the liability of members or subscribers of the company is limited to what they have invested to the company

Limited liability company (LLC) – the US-specific form of a limited company, whereby the owners are not personally liable for the company’s debts or liabilities

Partnership – a company where two or more parties agree to manage and operate a business and share legal and financial liability equally

Sole proprietorship – a type of registered business owned and run by one person and in which there is no legal distinction between the owner and the business entity

Non-profit organization (NPO) – a legal entity organized and operated for a collective, public, or social benefit, where any revenues that exceed expenses must be committed to the organization’s purpose, not taken by private parties

Trust company – a corporation that acts as a fiduciary, agent, or trustee on behalf of a person or business for a trust

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