Legal entity

(redirected from Separate legal personality)

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 ?
Courts in common law jurisdictions are frequently asked to pierce the corporate veil, essentially requesting them to disregard either the separate legal personality of corporations or the limited liability of shareholders for a variety of purposes, including the reallocation of liability or benefits as between shareholders and corporations.
Separate legal personality and limited liability are arguably the two most fundamental characteristics of the business corporation.
Consequently, the target becomes a subsidiary retaining its separate legal personality. Although not explicitly stated in this Article, this procedure presumably only applies to take-overs through an exchange of shares.
Unlike a BVI BC, a BVI LP does not have separate legal personality and is a partnership formed by two or more persons with one or more general partners and one or more limited partners.
Piercing the corporate veil refers to those exceptional cases wherein limited liability is lifted and the separate legal personality of corporations is disregarded such that the shareholder, which may be a parent corporation, is held responsible for a company's debts or actions.
Fifty years on, the European Atomic Energy Community (EAEC) retains its separate legal personality. And even if it shares the same institutions and will now have its expenditure and revenues listed in the EU budget (aside from the Supply Agency and Joint Undertakings), Euratom will not merge' with the Union.
Until it was privatized on June 16, 2000, the latter was an organization owned and controlled by the state of Lithuania but which enjoyed a separate legal personality. Article 9 of the JVA set forth an arbitration clause and Art 35 of the JVA declared that both defendants waived their rights to sovereign immunity.
The branch does not have a separate legal personality from the foreign company.
It is the first public body to be vested with full banking status, a separate legal personality and full administrative and financial independence.