Legal entity


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Legal entity

A person or organization that can legally enter into a contract, and may therefore be sued for failure to comply with the terms of the contract.

Legal Entity

A person who can enter a contract and therefore may be sued. A legal entity can be held liable for damages. It is important to note that a legal entity need not be an individual person. A corporation or other duly constituted organization is recognized as a person and, as such, is considered a legal entity.
References in periodicals archive ?
Because the chief financial officer's or controller's organization is responsible for maintaining accurate financial records and reporting, there is an opportunity for this function to take the lead in ensuring that legal entity management.
JR: Taking all factors into consideration -- from the initial idea, to the legal entity, to the present -- we are pleased with our status, but never satisfied.
in the circumstances foreseen in letter (b) of article 9 of the Transparency Law, the natural person or legal entity that acquires the voting rights and is entitled to exercise them under the agreement and the natural person or legal entity who is transferring temporarily for consideration the voting rights;
A member of the legal entity is considered to be acting in good faith if he was not aware and was not able to be aware of the negative effects of his acts, which influence the ability of the entity to perform its' obligations.
We are now able to provide enhanced security with the Swiss Re America Corporation legal entity.
To understand the risk controls of the bank, we have first to come to grips with the fact that the organization is interested in risk and its control, not by instrument or legal entity but for the entire business.
The LBO's substance, and presumably the case for a new basis, are unaffected by NEWCO's continued existence or by the surviving legal entity if NEWCO and NBP merge.
Legal entities and individuals who will deposit the guarantee fee of 10% of the starting price in the bank account, except for legal entities registered in off-shores or having stakeholders registered in off-shores and having more than 50% of shares in this legal entity, are eligible to take part in the competition.
Chapter X of the Civil Code enables members of a legal entity to request the court to appoint experts who would investigate whether the legal entity or legal entity's managing bodies or their members acted in a proper way.
LLCs) from liability for registration filings and fees; franchise, capital stock and other privilege taxes; sales and use, gross receipts and other transaction and excise taxes; employment taxes; property taxes and transfer taxes Because a disregarded entity is a separate legal entity, it is likely that most states will require it to file separate sales and use tax reports, even though its owner also is required to file such reports with the state.
While the realignment of the operating units has been implemented, Crum and Forster is still working with state insurance regulators to complete the legal restructuring necessary to break up Crum and Forster's main ueparate legal entity to handle the run off of very unprofitable discontinued books of business, which generated the majority of the aforementioned restructuring charges.