We've established a company without a bank account as a possibility (and a legal one—there's no specific requirement in many jurisdictions for a legal entity to have a bank account). But what about an organization without a legal structure, or with a highly unconventional one?
Anyone considering investing in an organization or asset without a legal entity should be very careful, because the assumption is that your personal assets are at risk. In general, people use entities in order to protect their personal assets and attain some sort of organizational or tax benefit.
Without an entity, an organization may not have limited liability, and the law may choose to treat the owners as partners. As far as liability ...
