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.
SharedXpertise unites the Shared Services and Business Process Outsourcing Association (SBPOA) and the Delve Group's Competitive & Market Intelligence Practice under one legal entity, SharedXpertise LLC.
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.
VC-1 products sold by a legal entity to end users and/or as an OEM branded PC but not part of a PC operating system (decoder, encoder or product consisting of one decoder and one encoder = "unit")