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A special purpose entity or SPE, sometimes called a 'special purpose vehicle' or SPV, is a legal entity created to fill a very specific or temporary business objective. They can be LPs, LLCs, subsidiaries, or trusts. Their operations are limited to the acquisition and financing of specific assets.
Special purpose entities can help to protect your firm from financial risk. You can transfer assets to a special purpose entity for a deal or use the entity to finance a large project. Conversely, the obligations of a special purpose entity are secure even if the parent company declares bankruptcy.