We provide an in-depth characterization of a three modes Bose-Einstein condensate trapped in a symmetric circular triple well potential. We analyze how a subsystem independent measure of entanglement, the purity related to the su(3) algebra, scales for increasing number of atoms and signals correctly the quantum phase transition between two dynamical regimes in a specific arrangement. Moreover, this measure, which is intrinsically related to particle entanglement, also depicts if some squeezing is occurring when we consider the system's ground state.PACS numbers: 03.75. Lm, 03.67.Mn, 64.70.Tg, 03.75.Kk Entanglement has played an important role for the understanding of quantum many body aspects [1] that traditionally belonged to statistical mechanics and quantum field theory. Several investigations in quantum critical models at T = 0 have shown that complex entangled ground state contains all the important correlations that give rise to different phases known to exist in several systems [2]. Thus, it is a fact that entanglement study in many body systems allows a deeper characterization of the ground state of the system undergoing a quantum phase transition (QPT), particularly its order. Characterization of a QPT via pairwise and collective multipartite entanglement has been given in a very conclusive way in Refs. [3,4], but are dependent on the specific partition employed, i.e., they are subsystem dependent. Another way of investigating subsystem independent entanglement in many-particle systems is through the generalized purity associated to the pertinent algebra [5]. Beyond being a measure for the quality of semiclassical approximation [6], this measure is also related to squeezing of moments of the generators of the pertinent algebra. Recently both spin squeezing and entanglement have been demonstrated for a 87 Rb condensate trapped in double and multiple wells of an optical lattice [7], and subsystem independent entanglement theoretically investigated in Ref.[6] for a double-well trapped condensate. In fact although those results were developed independently they are profoundly complementary since they relate QPT, entanglement and squeezing, for a system which is a particular realization of the Lipkin-MeshkovGlick model [8,9]. The interplay between entanglement and squeezing has been investigated previously in many instances [10], and now seems to play an important role in QPT involving many bosons as well.In this Letter we investigate in detail a BEC of attractively interacting neutral atoms trapped in a symmetric triple well potential in a three mode approximation and show that the ground state of the model undergoes a QPT. A time dependent variational principle using SU (3) coherent state allows for a system of semiclassical equations that enables one to find the fixed points of the model and to investigate how the lowest energy fixed points change as the collision parameters of the model are varied. Since the lowest energy state in this system corresponds to a twin condensate fixed point, where effect...