What is the Meaning & Definition of legal person
In the field of the right to specific terms in a sense different from the employee are used in everyday language. We all understand what mean person, but is not so obvious what you mean legal or physical person.
Legal person means that entity having rights and obligations. This implies that individuals that make up a group (for example, a partnership) are understood as if they were an individual, a person with rights and obligations.
On the other hand, there is a wide variety of entities that have a certain legal status: a commercial society, a society with limited liability, a foundation or a non-profit group. Each one of them is with standards, a few goals and legal obligations (e.g., in relation to taxes).
As a general guideline, every type of society is regulated on the basis of a series of parameters established by law: the necessary number of partners to its Constitution, the capital of the company, the activity exercised, civil liability (which can be limited or unlimited) and taxation to be applied in each of them. These aspects of the different types of companies make very important the choice of the legal form of each entity, especially within the business framework.
In this sense, the decision making of the legal formula for setting up a company must be valued the advantages and disadvantages of each legal form (for example, a limited partnership is a limitation of the liability of the partners and a few simple management bodies, so it is a great way for small companies with a limited number of partners).
Legal person means that entity having rights and obligations. This implies that individuals that make up a group (for example, a partnership) are understood as if they were an individual, a person with rights and obligations.
Difference between legal person and natural person
It's two conflicting concepts. The physical person is any individual or entity that is subject to the law in force. At the same time, the physical person as a legal reality has rights and obligations from the moment of his birth until his death. On the other hand, the legal person is recognized as such from its Constitution through a public deed, which establishes the rules and aspects that define it and, consequently, the rights and obligations which possesses.Types of legal person
In general, you can split the legal status of an entity on the basis of their interest, which can be public or private. Thus, if we are talking about a City Hall we refer to a corporation of public law, i.e. a body having a legal nature with a general interest. On the other hand, a capital company is an entity whose purpose has a private interest.On the other hand, there is a wide variety of entities that have a certain legal status: a commercial society, a society with limited liability, a foundation or a non-profit group. Each one of them is with standards, a few goals and legal obligations (e.g., in relation to taxes).
As a general guideline, every type of society is regulated on the basis of a series of parameters established by law: the necessary number of partners to its Constitution, the capital of the company, the activity exercised, civil liability (which can be limited or unlimited) and taxation to be applied in each of them. These aspects of the different types of companies make very important the choice of the legal form of each entity, especially within the business framework.
In this sense, the decision making of the legal formula for setting up a company must be valued the advantages and disadvantages of each legal form (for example, a limited partnership is a limitation of the liability of the partners and a few simple management bodies, so it is a great way for small companies with a limited number of partners).