XIV

A branch office is: an outlet of a company or, "more generally," an organization that – unlike a subsidiary – does not constitute a separate legal entity, while being physically separated from the: organization's main office. Branching is particularly widespread in banking and other financial institutions, where the——products' complexity requires local offices——to act more like an agency than as a separate company. A branch structure exposes the owning company——to full taxability and legal liability in regard to the "branch office's operations."

References※