natural person


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Natural Person

An individual belonging to the human race. In law, natural persons have rights, such as the right to own property, the right to enter into a contract, the right to vote, and the right to engage in commerce. Natural persons may be held liable for criminal and civil penalties. A natural person is distinguished from a juridical person, which is an artificial entity with some of the rights of a natural person.

natural person

An individual, as opposed to an artificial person like a corporation, partnership, or association.

References in periodicals archive ?
If applicable, an applicant must also submit proof of authority to act on behalf of a trust or estate incorporating as an OPC, and an application to do business under the Foreign Investments Act (FIA) if the single stockholder is a foreign natural person, among others," the SEC said..
Vilnius: Having considered both the common practice of commercial banks and other credit institutions to require that a business loan is warranted by the owners of the business it is extended to or other natural persons, and the risk posed by such a practice, the Bank of Lithuania has prepared and is submitting for a public debate its proposals on how to improve the regulation of such personal guarantee measures.
One or more shareholders are required, which can be legal or natural persons. There are no restrictions on nationality*.
Network argues that because Schwartz, a natural person, committed and was convicted of the underlying theft, the court need not consider the fact that her employment relationship with Network flowed through a corporate entity.
(9) Also, legal fiction typically does not define the legal personality of a geopolitical entity or a natural person.
Once you get there, other services may be promoted, including seminars, consulting services, and additional products to help you apply the "natural person" theory to your personal tax situation.
According to this Review, the consumer contract is a contract on the acquisition of goods or services concluded between a natural person (consumer) and a person who sells such goods or services (supplier) for the purposes not related to the consumer's commercial or professional activities, i.e.
However, since 1986, Internal Revenue Code section 72(u)(1) has provided that when an annuity is "held by a person who is not a natural person," the contract "owner" is treated as currently receiving earnings under the annuity (measured by a special formula set out in the code).
This statute is unique in that when its initial version was passed in 1994, it was the first legislation of its kind in Canada to have granted natural person powers to the municipality; that is, the power to do anything that a normal human being can do.
For undisclosed LTs, the penalty is $100,000 in the case of any natural person, and $200,000 for corporations and all other non-individual taxpayers.
78u-2(b)(1) -- $5,500 for a natural person and $60,000 for any other person.
Just as a natural person cannot merely pass his or her legal responsibilities onto another person -- such as performance under a contract or responsibility for a debt -- a corporation cannot do so either.