Legal entity

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Also found in: Acronyms.

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.
Copyright © 2012, Campbell R. Harvey. All Rights Reserved.

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.
Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved
References in periodicals archive ?
The IRS finished the letter ruling by stating that, under the facts given, the proposed contracts between the taxpayer and each of the buyers fit within the bulk sale exception (and within the de minimis exception in the case of the contract with the commercial entity) to the retailer exclusion under Sec.
Both the spectrum owner and the commercial entity need to ensure that the proper authority is obtained before signing a lease, or serious consequences may ensue.
Energy Minister Shkolnik has acknowledged that there is a conflict of interest in having KMG represent the state as well as acting as a commercial entity. He has said the government will watch closely what KMG will be doing on both fronts and if there is a need it "will correct the situation".
In premises security lawsuits, plaintiffs either allege that the commercial entity failed to provide adequate security or that it failed to eradicate conditions on the premises that foster criminal activity.
"Now it is a commercial entity that seeks to sell things in direct opposition to people already in the market."
If one assumes that Jackson is a commercial entity, SFAS No.
"We at White Oak cannot fund-raise because we are a commercial entity. We produce ourselves .
* Whenever a commercial entity employs CPAs to perform public accounting services, a disclosure of the CPA des by the CPA employee or employer must be accompanied by a disclaimer concerning the employer, to be placed next to the business entity's name, which reads: "Not qualified to register with the Texas State Board of Public Accountancy to practice public accountancy in Texas."
Thus, while payments of interest, royalties, and service fees to related parties may be a legitimate concern in limited circumstances, a viable commercial entity should not be penalized for sourcing capital, financing, or intangible licenses from unrelated parties throughout the world.
Coke is certainly the town's most envied, most popular commercial entity. By one account, the company gets 40,000 unsolicited resumes a year.
When injuries result from a serious accident involving a business-owned vehicle, sympathetic juries are likely to be generous, reasoning that an "impersonal" commercial entity will not suffer from having to pay out a large judgment.
Speaking during question-hour in the Senate the minister said that PTV was not a commercial entity and disseminate information, education, and entertainment to promote national unity besides highlighting achievements of the government.

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