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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).
A business entity is an entity that is formed and administered as per corporate law [Note 1] in order to engage in business activities, charitable work, or other activities allowable. Most often, business entities are formed to sell a product or a service.
As a business entity, an LLC is often more flexible than a corporation and may be well-suited for companies with a single owner. [5] Although LLCs and corporations both possess some analogous features, the basic terminology commonly associated with each type of legal entity, at least within the United States, is sometimes different.
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.
Governments will not allow another corporation or any other kind of legal entity to register a name that is too similar to the name of an existing corporation. [35] However, since "different states may register entities with the same names, a corporate name is a unique identifier only when combined with the name of the state of incorporation". [35]
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.
The new entity will launch on Jan. 20, the same day as his presidential inauguration, he said. Currently, the U.S. Customs and Border Protection (CBP) collects foreign revenues and enforces U.S ...
An entity with legal personality may shield its members from personal liability. In some common law jurisdictions a distinction is drawn between corporation aggregate (such as a company, which is composed of a number of members) and a corporation sole , which is a public office of legal personality separated from the individual holding the ...