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Business Entities Definition Types Forms and by Aufa Atilain Business entity business Have you ever heard of business entities Maybe you know him from BUMN or StateOwned Enterprises. But did you know that business entities and companies are not the same thing So if you aspire to start your own business what you want to do is not build your own business entity but a company. Before deciding to start your own business it might be a good idea for you to know what a company is and what a business entity isas well as their respective forms.