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Legal status is the status or position held by an entity as determined by the law. [ 1 ] [ 2 ] [ 3 ] It includes or entails a set of privileges , obligations , powers or restrictions that a person or thing has as encompassed in or declared by legislation .
There are three main types of business entity in Brunei, namely sole proprietorship, partnership, and company. [11] A private company contains the term "Sendirian Berhad", meaning "Private Limited" or "Sdn. Bhd." as part of its name; for a public company "Berhad" or "Bhd." is used. [12]
Artificial personality, juridical personality, or juristic personality is the characteristic of a non-living entity regarded by law as having the status of personhood. A juridical or artificial person ( Latin : persona ficta ; also juristic person ) has a legal name and has certain rights, protections, privileges, responsibilities, and ...
Other terms include artificial person, corporate person, judicial person, juridical entity, juridic person, or juristic person. A juridical person maintains certain duties and rights as enumerated under relevant laws. [1] [2] The rights and responsibilities of a juridical person are distinct from those of the natural persons constituting it.
After electing corporate tax status, an LLC may further elect to be treated as a regular C corporation (taxation of the entity's income prior to any dividends or distributions to the members and then taxation of the dividends or distributions once received as income by the members) or as an S corporation (entity level income and loss passes ...
In law, a legal entity is an entity that is capable of bearing legal rights and obligations, such as a natural person or an artificial person (e.g. business entity or a corporate entity). In politics, entity is used as term for territorial divisions of some countries (e.g. Bosnia and Herzegovina).
The small entity status allows small businesses, independent inventors, nonprofit organizations to file a patent application and maintain an issued patent for a reduced fee—a 60% reduction. [1] Under 13 C.F.R. § 121.802(a), an entity qualifies as a "small business concern", and so qualifies for small entity status, if its number of employees ...
An earlier definition describes a statutory corporation as "a statutory authority that is a body corporate", [4] and the New South Wales Government's Land Registry Services defines a state-owned corporation as "a statutory authority that has corporate status". [5]