Affiliate Explained: Meaning, Types, Process, and Risks
An **affiliate** is usually a company, person, fund, or other entity connected to another through **control, ownership, or common control**. The term is common in company law, contracts, fundraising, disclosures, lending, and M&A, but its exact meaning often changes depending on the document, regulator, or accounting framework. If you understand affiliate properly, you can read group structures more accurately, spot related-party risk, and avoid serious governance and compliance mistakes.