All VIEs, by definition, have a primary beneficiary.

Question

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Variable Interest Entities (VIEs) are structured such that it might not always be clear who the primary beneficiary is, as the primary beneficiary is the party that has the power to direct the activities of the VIE that most significantly impact the entity's economic performance and has the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE. Identifying the primary beneficiary requires judgment and analysis of the entity's design and relationships.

All VIEs, by Definition, Have a Primary Beneficiary