Legal entity

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Related to legal persons: Juristic person

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 ?
Moreover, the SECP also issued a circular that required companies having legal persons as members or shareholders to take reasonable measures to obtain and maintain up-to-date information relating to their ultimate beneficial owners in a register of ultimate beneficial ownership.
The register must include the data determining in particular the identity of the business owners, the legal constructions, the partners, the shareholders, the managers of the legal person and the associations.
The circular directed all the companies having legal persons as their members and shareholders to obtain and maintain up-to-date information related to their ultimate beneficial owners, ie, natural persons who ultimately own or control the company through direct or indirect ownership.
3.2 million employees, compared with 158 thousand LP (legal person) taxpayers
Criminal liability of legal persons from the European perspective, Towards a European Economic Criminal Law, Maderid, Spain, Boletin Oficial del Estado, P591.
A chimp being classed as a "legal person" might produce some unforeseen consequences, including the possibility of humans and monkeys becoming legally married.
As regards floor area, the shares of natural and legal persons in new investment about the sameIn 2012, natural persons completed almost 3,500 buildings with almost 1.0 million square metres of floor area, while legal persons completed almost 680 buildings with the total floor area of almost 820,000 square metres.
Therefore, in those Member States that allow cash payments above the established threshold, all natural or legal persons trading in goods by way of business should be covered by this Directive when accepting such cash payments.
The National Register of Non-Profit Legal Persons was introduced in Romania by Ordinance No.
Damascus, (SANA) -- The administration of Damascus Securities Exchange (DSE) on Wednesday explained the mechanism of the legal persons trading on the securities listed in the DSE according to the provisions of the laws in force, taking into account the stock ownership rates.
The UN Convention Against Corruption was ratified by Cyprus in 2008 but in June this year, the European Council's GRECO (Group of States against Corruption) group recommended that the island "strengthens the sanctions applicable to legal persons (companies) convicted of crimes of corruption" so that they become more effective and pre-emptive.
Because the majority of private legal persons are companies, the detailed liquidation procedure is laid down in the Law on Companies.