legal entity

  

Definition

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.

Use legal entity in a sentence

  • They were a very powerful legal entity, so we knew we had to keep our head up and go by the book.

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  • You should always make sure you know what is the real legal entity and give way to them and what they say.

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  • 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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