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 ?
In the first two months of the year, the number of individuals and legal entities which were reported to have dishonoured cheques fell 18 per cent and 19 per cent to 59 and 73 respectively compared to a year ago, the central bank said.
Legalization of documents is not required for legal entities if they are member states of the relevant international treaties and agreements to which Kyrgyzstan belongs.
Newcomers to the register included 147 individuals, 162 others who control legal entities and 132 legal entities.
Those who have not yet settled liabilities based on previously concluded deals on leasing state-owned farmland, as well as legal entities against which bankruptcy proceedings have been launched and non-profit organizations have no right to bid.
The effects of an overly complex structure are often overlooked or underestimated, opening the door for misstatements, incorrect application of trading models, missed filing deadlines and costly duplicate legal entities that complicate operational complexity and transaction structuring.
As a business owner, you should use legal entities to limit your personal exposure.
Thus can multiple legal entities comprise a single reporting entity.
An FSC official pointed out that some legal entities have representation both on the board of directors and supervisors of listed companies, via their own representatives and representatives of companies with their equity investments, an arrangement designed to bypass article 26-3 of Securities Transaction Law banning legal entities from having such simultaneous representation, which is tantamount to the supervision of your right hand by your left hand.
According to REACH Ready, a wholly owned subsidiary of the Chemical Industries Association that provides REACH consultation services, Only Representatives are EU-based legal entities that are considered "competent" to carry out the REACH registration process on behalf of companies based outside the EU.
It also presumes a unitary relationship when business activities or operations among a group of legal entities are integrated with, dependent on or contribute to one another, either individually or as a group.
Subsidiaries can, as independent legal entities, borrow money and even issue their own debt.
As bank holding companies began to widen their activities, and as new technologies permitted not only the development of new products but also the systems for controlling them, the banking organization was impelled to develop centralized risk-control techniques that crossed legal entities.