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In jurisprudence, a natural person (also physical person in some Commonwealth countries, or natural entity) is a person (in legal meaning, i.e., one who has its own legal personality) that is an individual human being, distinguished from the broader category of a legal person, which may be a private (i.e., business entity or non-governmental organization) or public (i.e., government) organization.
In law, individual capacity is a term of art referring to one's status as a natural person, distinct from any other role. [1]For example, an officer, employee or agent of a corporation, acting "in their individual capacity" is acting as an individual, rather than as an agent of the corporation.
Corporate personhood or juridical personality is the legal notion that a juridical person such as a corporation, separately from its associated human beings (like owners, managers, or employees), has at least some of the legal rights and responsibilities enjoyed by natural persons. In most countries, a corporation has the same rights as a ...
A business owner often relies on an employee or another person to conduct a business. In the case of a corporation, since a corporation can only act through natural person agents, the principal is bound by the contract entered into by the agent, so long as the agent performs within the scope of the agency.
A person is recognized by law as such, not because they are human, but because rights and duties are ascribed to them. The person is the legal subject or substance of which the rights and duties are attributes. An individual human being considered to be having such attributes is what lawyers call a "natural person". [26]
The best-known example, established in 1600, was the East India Company of London. Queen Elizabeth I granted it the exclusive right to trade with all countries to the east of the Cape of Good Hope . Some corporations at this time would act on the government's behalf, bringing in revenue from its exploits abroad.
As a discipline, the law of persons forms part of South Africa's positive law, or the norms and rules which order the conduct or misconduct of the citizens. [3] [4] Objective law is distinguished from law in the subjective sense, which is 'a network of legal relationships and messes among legal subjects', [5] and which deals with rights, [6] [7] or 'the claim that a legal subject has on a ...
Corporate law regulates how corporations, investors, shareholders, directors, employees, creditors, and other stakeholders such as consumers, the community, and the environment interact with one another. [1] Whilst the term company or business law is colloquially used interchangeably with corporate law, the term business law mostly refers to ...