 | owl:Class |
 | A legal entity is a natural person or a legal construct through which the law allows a group of natural persons to act as if it were a single composite individual for certain purposes. The most common purposes are lawsuits, property ownership, and contracts. Sometimes referred to as corporate personhood or legal personality, this concept allows for easy conduct of business by having ownership, lawsuits, and agreements under the name of the legal entity instead of the several names of the people making up the entity. A legal entity is not necessarily distinct from the natural persons of which it is composed. Most legal entities are simply amalgamations of the persons that make it up for convenience's sake. A legal entity that does have a separate existence from its members is called a company or corporation. This distinction gives the corporation its unique perpetual succession privilege and is usually also the source of the limited liability of corporate members. Some other legal entities also enjoy limited liability of members, but not on account of separate existence (Source: Wikipedia.org) |
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