Difference between revisions of "Legal entity"
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#'''Legally-adult individuals''' or people who have attained the age of majority and is therefore regarded as independent, self-sufficient, and responsible. In the [[United States]], the age of attaining legal adulthood is 18. However, local authorities may limit or change some definitions and rights. For instance, legal adults still cannot purchase alcoholic drinks until the age of 21; | #'''Legally-adult individuals''' or people who have attained the age of majority and is therefore regarded as independent, self-sufficient, and responsible. In the [[United States]], the age of attaining legal adulthood is 18. However, local authorities may limit or change some definitions and rights. For instance, legal adults still cannot purchase alcoholic drinks until the age of 21; | ||
#'''[[Organization]]s''' such as [[limited liability company|limited liability compani]]es or [[corporation]]s, which are given their legal status upon some government procedure, usually, by registration. | #'''[[Organization]]s''' such as [[limited liability company|limited liability compani]]es or [[corporation]]s, which are given their legal status upon some government procedure, usually, by registration. | ||
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==Related concepts== | ==Related concepts== | ||
Revision as of 22:37, 13 February 2020
Legal entity (hereinafter, the Entity) is any entity to which the law grants property rights and responsibilities. Particularly, the rights include capacity to buy and sell, enter into agreements or contracts, assume obligations, incur and pay debts, sue and be sued, as well as be held responsible for its actions.
Types
There are two types of the Entities:
- Legally-adult individuals or people who have attained the age of majority and is therefore regarded as independent, self-sufficient, and responsible. In the United States, the age of attaining legal adulthood is 18. However, local authorities may limit or change some definitions and rights. For instance, legal adults still cannot purchase alcoholic drinks until the age of 21;
- Organizations such as limited liability companies or corporations, which are given their legal status upon some government procedure, usually, by registration.
