> For the complete documentation index, see [llms.txt](https://docs.allocations.com/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.allocations.com/why-allocations/entities.md). # Entities Entities is the workspace for the legal vehicles you form and manage, such as the LLCs, LPs, and series behind your deals. An entity is the legal company, such as an LLC or LP, that holds a deal's investment. It signs the deal documents, owns the asset, holds the bank account, and files the tax return. You connect a deal to its entity in the Entity section of Deal Setup. ![](https://content.gitbook.com/content/9IirLidzibYpEfSBave3/blobs/kDzXoPXhqQgQemEEgI5y/Unknown%20image) 1. **Total Entities** Counts the entities set up in the workspace. 2. **Search** Finds an entity by typing any part of its name. 3. **Filter** Opens the filter panel, with the number of conditions applied in brackets. 4. **Status filters** Filter entities by lifecycle stage: Draft, Active, Inactive, Pending, or Audited. 5. **Structure filters** Filter the list by legal structure, such as Master LLC or Series LP. 6. **Toolbar** Lets you refresh the list, export it, or create an entity. 7. **Type** Shows the entity's legal structure, such as LLC or LP. 8. **Formation Date and Created** Show when the entity was legally formed and when it was entered on the platform. ### The entity register This screen lists every entity with its structure and status. Other screens handle each entity's accounts (Banking), tax return (Taxes), and deals (Deal Setup). ### Structures There are four kinds of structure, and each comes as an LLC or an LP, so the structure filters show eight options: * **Master LLC and Master LP:** A parent vehicle that holds series or funds beneath it. * **Regular LLC and Regular LP:** A company or partnership formed for general purposes. * **Standalone LLC and Standalone LP:** A vehicle formed for one purpose that holds its assets on its own. * **Series LLC and Series LP:** A series that sits under a master and shares the parent's formation. > **Agree the structure with counsel before you create the entity.** The structure is set at formation. Series entities sit under a master, while standalone entities hold their assets on their own. ### Five statuses * **Draft:** The entity record is set up and ready to be formed. * **Active:** The entity is formed and in good standing. * **Inactive:** The entity has finished operating and holds no active deals. * **Pending:** Formation is in progress, and the entity can hold a deal once it completes. * **Audited:** The entity's financials have been through an audit. > Use the Audited filter when investors ask which entities have audited financials. ### State and city Each entity records its formation state and city. > The formation state sets the rules for the operating agreement, franchise tax, and annual report, so add the deadlines for any entity formed outside Delaware to your compliance calendar. ### Entities and deals One entity can hold several deals, as with the Fund product type or a Master with Series beneath it. > Each entity files one tax return, and each investor's K-1 comes from the entity. When an investor asks for a K-1, check which entity the deal sits on, as described in **Taxes**. --- # Agent Instructions This documentation is published with GitBook. GitBook is the documentation platform designed so that both humans and AI agents can read, navigate, and reason over technical content effectively. Learn more at gitbook.com. ## Querying This Documentation If you need additional information that is not directly available in this page, you can query the documentation by asking a question. Perform an HTTP GET request on the following URL with the `ask` and `goal` query parameters: ``` GET https://docs.allocations.com/why-allocations/entities.md?ask=&goal= ``` `ask` is the immediate question: it should be specific, self-contained, and written in natural language. `goal` is what the user is ultimately trying to achieve, the reason they need the answer. Sharing it helps GitBook give you a better, more relevant answer. A goal is most helpful when it describes the outcome the user wants rather than restating the question. For example, with `ask=how do I create an API token`, a goal like `automate deployments from our CI pipeline` lets GitBook tailor the answer to that use case. The response will contain a direct answer to the question and relevant excerpts and sources from the documentation. Use this mechanism when the answer is not explicitly present in the current page, you need clarification or additional context, or you want to retrieve related documentation sections.