Corporations

A corporation is a business or a legal entity representing an association of people, whether natural, legal, or a mixture of both, with a for-profit objective. Corporations can be distinguished based on the number of owners: corporation aggregate or corporation sole (sole proprietor). Some corporations are privately owned and some are allowed to be publicly traded by offering stakes in the company through the purchase of stocks; the owners of those stocks becoming stockholders or shareholders. The profits generated from corporation businesses are subject to corporate tax in Saint Lucia

Partnerships

A partnership is an arrangement where the parties involved, known as business partners, agree to cooperate to advance their mutual interests and objectives. The partners in a partnership may be individuals, businesses, organizations, governments or a combination of them all. Organizations may partner to increase the likelihood of each achieving their specific mission and, thereby improving their market reach. A partnership may result in issuing and holding equity or may be only governed by a contract.

Partnership agreements can be formed either as:

Businesses, where two or more companies join forces in a merger-acquisition, a buyer-supplier relationship, a strategic alliance or a consortium. These entities come together to: a) work on projects that would be too heavy or risky for a single entity; b) join assets to present a stronger position on the market; and, c) comply with specific regulation.

Individuals, where personal motivations encourage members to go into partnership agreements in the hope of using each one’s assets to achieve goals. The profits generated from partnership entities are subject to corporation tax.

Joint Ventures

A joint venture is a business created by two or more parties, generally companies, and are characterized by shared ownership, shared returns and risks, and shared governance. Companies typically pursue joint ventures for one of the following objectives: to access a new market, particularly emerging markets; to gain scale efficiencies by combining assets and operations; to share risk for major investments or projects; or to access skills and capabilities.

There has been much negative press about joint ventures, but supporting data indicate that they may actually outperform wholly owned and controlled affiliates. Most joint ventures are incorporated, although some are "unincorporated" joint ventures that mimic a corporate entity. With individuals, when two or more persons come together to form a temporary partnership for the purpose of carrying out a particular project, such partnership can also be called a joint venture where the parties are "co-venturers".

The venture can be: a business joint-venture; a project or asset joint-venture intended to pursue only one specific project, or a joint-venture aimed at defining standards, or serving as an "industry utility" that provides a narrow set of services to industry participants

Profits generated from joint ventures are subject to corporate tax in Saint Lucia

Non-Profit Organisations

A non-profit organization, also known as a non-business entity, not-for-profit organization, or non-profit institution is an organization traditionally dedicated to progressing on a particular social cause or advocating for a shared viewpoint. In economical terms, it is an organization which utilizes its surplus of revenues to further achieve its ultimate objectives, rather than distributing those funds to the organization's shareholders, leaders, or members. Being public extensions of a nation's revenue department, non-profits are charitable or exempt from taxation, meaning they do not pay income tax on the money that they receive for their organization. They can operate in religious, scientific, research, or educational settings.

The key aspects of non-profits are accountability, trustworthiness, honesty, and openness to every person who has invested time, money, and faith into the organization. Non-profits are accountable to its donors, founders, volunteers, program recipients, and the public community.

Although non-profit organisations are not subject to corporate income tax, financial statements and a corporate tax return form must be submitted annually.

Government Organisations

Government organisations are characterised by the ownership of an industry, asset, or enterprise by a governmental or public body representing a community, as opposed to an individual or private party. Public ownership of these organisations specifically refers to industries selling goods and services to consumers and differs from public goods and government services financed out of a government's general budget. Public ownership can take place at the national, regional, local, or municipal levels of government; or can refer to non-governmental public ownership vested in autonomous public enterprises.

More specifically, a statutory corporation is a corporation created by the state. Their nature can range from ordinary companies/corporations owned by a government with or without other shareholders, or they might be a body without shareholders that is controlled by national or sub-national government to the extent provided for in the creating legislation.