entity definition legal
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legal entity An association, corporation, partnership, proprietorship, trust, or individual that has legal standing in the eyes of law. A legal entity has legal capacity to enter into agreements or contracts, assume obligations, incur and pay debts, sue and be sued in its own right, and to be held responsible for its actions.2 people found this helpful. Modern economic systems typically allow for creation of a legal entity which is separate and distinct from a person but which is able to function in limited capacities to enter contracts, pay bills, and to be held liable for it's actions.
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What is LEGAL ENTITY? TLD Example: As a legal entity under state law, the corporation and its officers could be charged with violating the criminal laws.
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- For other uses, see company (disambiguation). A business entity is an entity that is formed and administered as per commercial law 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.
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Entity An entity is something that exists in itself, actually or potentially, concretely or abstractly, physically or not. It need not be of material existence. In particular, abstractions and legal fictions are usually regarded as entities. In general, there is also no presumption that an entity is animate. The word may refer, for example, to Bucephalus, the horse of Alexander; to a stone; to a cardinal number; to a language; or to ghosts or other spirits. The word entitative is the adjective form of the noun entity. Something that is entitative is considered in its own right.
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Legal entity From Wikipedia, the free encyclopedia. A legal entity is a legal construct through which the law allows a group of natural persons to act as if they were a single person for certain purposes. The most common purposes are lawsuits, property ownership, and contracts.
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corporation An entity, usually a business, created by a legislative act or by individuals who have agreed upon and filed articles of incorporation with the state government. Ownership in the corporation is typically represented by shares of stock.
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legal entity legal entity. Definition. An individual or organization which is legally permitted to enter into a contract, and be sued if it fails to meet its contractual obligations.
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Choosing the right legal structure for your group Business Entity Concept. In accounting we treat a business or an organization and its owners as two separately identifiable parties. This concept is called business entity concept. It means that personal transactions of owners are treated separately from those of the business. Businesses are organized either as a proprietorship, a partnership or a company.
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entity Definition of entity: A thing that exists in its own right. The law recognizes corporations and people as entities with rights and legal obligations. Definition of entity: A thing that exists in its own right. The law recognizes corporations and people as entities with rights and legal obligations. Use entity in a sentence. “ The entity that is responsible for distributing funds in the debtors bankruptcy case is the bankruptcy trustee whom we can contact.
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legal entity 12 people found this helpful. Modern economic systems typically allow for creation of a legal entity which is separate and distinct from a person but which is able to function in limited capacities to enter contracts, pay bills, and to be held liable for it's actions.
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Corporation A corporation is a company or group of people authorized to act as a single entity (legally a person) and recognized as such in law. Early incorporated entities were established by charter (i.e. by an ad hoc act granted by a monarch or passed by a parliament or legislature).n a joint-stock company the members are known as shareholders and each of their shares in the ownership, control and profits of the corporation is determined by the portion of shares in the company that they own.
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Organization Structures The ultimate legal entity represents the enterprise, and typically, the enterprise is the highest (global) level of a business organization. The ultimate legal entity is the parent company or organization for all its subsidiaries and divisions.
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Definition of âlegal entityâ - English Dictionary legal entity noun [C] uk us LAW › a company or organization that has legal rights and responsibilities, for example the right to make contracts and the responsibility to pay debts:
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Corporation Glossary A corporation is a legal entity created under state law that can open a bank account, purchase property, enter into contracts and operate a business. One of the most important features of a corporation is that its owners are generally not personally liable for the debts of the corporation.
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- Liability is a legal obligation of an individual or business entity towards creditors arising out of some transactions.Types of Liabilities are explained in this article. Liability is a legal obligation of an individual or business entity towards creditors arising out of some transactions.Types of Liabilities are explained in this article.
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What is a 'Corporation' A corporation is a legal entity that is separate and distinct from its owners. Corporations enjoy most of the rights and responsibilities that an individual possesses; that is, a corporation has the right to enter into contracts, loan and borrow money, sue and be sued, hire employees, own assets and pay taxes.
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Types and Forms of Business A business entity is an organization that uses economic resources or inputs to provide goods or services to customers in exchange for money or other goods and services. Business organizations come in different types and different forms of ownership.
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Organization An organization or organisation is an entity comprising multiple people, such as an institution or an association, that has a collective goal and is linked to an external environment.[citation needed]
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- Just as in healthy people, no two pets have exactly the same results. So what may be “normal” in one pet may be abnormal in another. When a test result is out of range it needs to be interpreted in light of how your pet is feeling and the problems that brought your pet in for testing in the first place. The two major blood analysis corporations in the USA, Antech and Idexx, though similar, are not identical in the values they consider normal.
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- A business entity is an entity that is formed and administered as per commercial law in order to engage in business activities, charitable work, or other activities allowable.here are many types of business entities defined in the legal systems of various countries. These include corporations, cooperatives, partnerships, sole traders, limited liability company and other specifically permitted and labelled types of entities. The specific rules vary by country and by state or province.
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What is a 'Corporation' A legal entity that is separate and distinct from its owners. Corporations enjoy most of the rights and responsibilities that an individual possesses; that is, a corporation has the right to enter into contracts, loan and borrow money, sue and be sued, hire employees, own assets and pay taxes.
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entity noun. The definition of an entity is something that exists independently. An example of entity is a state or province that breaks away from the rest of the country. 1  being; existence.
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Separate Legal Entity Separate Legal Entity. Some Business entities like corporation, LLC can exist separately from its owners. In a common language that a corporation is a separate entity of its owners and corporation itself is an entity like human being created through legal or official process. Corporation lives and does its activities at its own existences and is treated in its own capacity.
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legal entity Modern economic systems typically allow for creation of a legal entity which is separate and distinct from a person but which is able to function in limited capacities to enter contracts, pay bills, and to be held liable for it's actions. 14 people found this helpful.
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- The definition of an entity is something that exists independently. An example of entity is a state or province that breaks away from the rest of the country. being; existence.
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entity entity. 1. One that exists independently: being, existence, existent, individual, object, something, thing. 2. An organized array of individual elements and parts forming and working as a unit: integral, sum, system, totality, whole.