Toyota Motor Corporation is a limited liability, joint-stock company incorporated under the Commercial Code of Japan and continues to exist under the Companies Act. Toyota commenced operations in 1933 as the automobile division of Toyota Industries Corporation (formerly, Toyoda Automatic Loom Works, Ltd.). Toyota became a separate company in August 1937. In 1982, the Toyota Motor Company and Toyota Motor Sales merged into one company, the Toyota Motor Corporation of today. As of March 31, 2020, Toyota operated through 528 consolidated subsidiaries (including variable interest entities) and 201 affiliated companies, of which 72 companies were accounted for through the equity method.Toyota primarily conducts business in the automotive industry. Toyota also conducts business in finance and other industries.