Supersymmetry, Duality and Bound States

$P$-brane solutions of low-energy string actions have traditionally provided the first evidence for the existence of string dualities, in which fundamental and solitonic $p$-branes are identified with perturbative and non-perturbative BPS states. In this talk we discuss the composite nature of solutions, which allows for the interpretation of general solutions as bound states or intersections of maximally supersymmetric fundamental constituents. This feature lies at the heart of the recent success of string theory in reproducing the Beckenstein-Hawking black hole entropy formula.