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Business Entity

To have legal personality means to be capable of having legal rights and obligations within a certain legal system, such as entering into contracts, suing, and being sued. Legal personality is a prerequisite to legal capacity, the ability of any legal person to amend (enter into, transfer, etc.) rights and obligations. In international law, consequently, legal personality is a prerequisite for an international organization to be able to sign international treaties in its own name.Legal persons (lat. persona iuris) are of two kinds: natural persons (also called physical persons) and juridical persons (also called juridic, juristic, artificial, or fictitious persons, lat. persona ficta) – groups of individuals, such as corporations, which are treated by law as if they are persons. While human beings acquire legal personhood when they are born, juridical persons do so when they are incorporated in accordance with law.Juridical personsArtificial personality, juridical personality, or juristic personality is the characteristic of a non-living entity regarded by law to have the status of personhood.A juridical or artificial person has a legal name and has certain rights, protections, privileges, responsibilities, and liabilities in law, similar to those of a natural person. The concept of a juridical person is a fundamental legal fiction. It is pertinent to the philosophy of law, as it is essential to laws affecting a corporation (corporations law).
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Business Entity

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Category: Interest
Found: 16.08.2015

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