Legal entity

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Related to legal persons: Juristic person

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 ?
Clause 2--Responsibility of Legal Persons and Organizations in International Documents:
6) Eventually, types of Neolithic / New Stone Age legal persons included a proprietorship, a town, a city, an autonomous state, and a political official.
99/2006 on credit institutions and the adequacy of capital became the framework legislation for the credit institutions, as Romanian legal persons.
The maximum limit for the legal person shares in Islamic banks is set at 49 % of the bank's capital if is less than SYP 7.
Grounds for liquidation of a legal person may only be the following: 1) resolution by members of a legal person to terminate the activities of a legal person has been passed; 2) the court or the creditor's meeting has passed a decision to liquidate a bankrupt legal person; 3) the court has passed a judgement to liquidate a legal person; 4) the term of the legal person has expired; 5) the number of members of a legal person has decreased more than the permitted minimum prescribed by law, where a member of a legal person fails to pass a decision within six months following the decrease to reorganise or restructure a legal person; 6) incorporation of a legal person has been declared invalid subject to the provisions of Article 2.
Two tests have emerged for determining whether or not an entity is an "agency or instrumentality," which the FSIA vaguely defines as a "separate legal person.
org/program ) of a Moot Court Hearing on the Petition of a "conscious computer" to be treated as a legal person.
Under legal amendments adopted last week, which are to take effect on May 1, natural and legal persons based outside the EU, as well as offshore companies, are banned from directly or indirectly purchasing land.
NNA - In a press release by the Special Tribunal for Lebanon (STL), it said: "The Contempt Judge has issued a decision that rules that the STL does not have jurisdiction to hear cases of obstruction of justice against legal persons (corporate entities).
Minister Imashev noted in accordance with the effective Code individual entrepreneurs, employees of entrepreneurs, legal persons performing managerial or administrative functions, as well as leaders of legal persons will be liable as officials.
As regards floor area, the shares of natural and legal persons in new investment about the sameIn 2012, natural persons completed almost 3,500 buildings with almost 1.
Natural persons, institutions, organizations, associations and similar legal persons are eligible to file an application; however, public institutions cannot.