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 ?
The reality is that legal entity man-agement is an enterprise-wide issue, and all functions are partially account-able.
Let them propose solutions: maybe a new legal entity, maybe a parent company, maybe a personal guarantee, or all of these.
As the Boards point out in the ED, some economic activities aren't conducted through a legal entity at all, such as economic activities conducted by a sole proprietorship that isn't legally separate from its owner.
A member of a managing body of a legal entity who fails to perform his duties might be found personally liable to compensate the damage incurred by the company.
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.
The participant can not be: the supplier (contractor, executor) included in the list of suppliers (contractors, executors) temporarily not allowed to participate in public procurement procedures; a legal entity that is in the process of liquidation, reorganization (with the exception of a legal entity to which another legal entity joins) and an individual entrepreneur in the stage of termination of activities; a legal entity and an individual entrepreneur recognized as economically insolvent (bankrupt) in the manner prescribed by law, with the exception of a legal entity that is in the process of rehabilitation; supplier (contractor, executor), the contract with which is terminated by agreement of the parties, - in the procedure of state procurement of goods (work, services),
The Court ordered the legal entity to pay a fine amounting to BAM 45,000.
Also, the specific legal entity chosen in which to do business locally can have a significant impact on global tax planning.