Subsidiaries are separate incorporated entities in which another entity has a majority or full participation, whereas branches are unincorporated entities (without independent legal status) totally owned by the parent.
Member States applying the income approach to GDP shall establish a description of all such adjustments and calculations in respect of compensation of employees, gross operating surplus of unincorporated enterprises and gross operating surplus of incorporated enterprises.
... a person other than a natural person, including unincorporated firms and partnerships, provided that the other party is an institution as defined in points (a) to (d).
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