legal entity

Meanings

• noun

  A business or entity, such as a corporation, partnership, or limited liability company, recognized by law as having certain legal rights and responsibilities.

  - "The legal entity of a corporation is separate from its owners."
  - "The legal entity of a partnership is different from that of its individual partners."

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Synonyms

legal person

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Rhymes

Words rhyming with legal entity
entity , entitity , entityship , entityment

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Variants

List of all variants of legal entity that leads to same result
entities , entity , flow-through entities , flow-through entity , pass-through entities , pass-through entity

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Etymology

origin and the way in which meanings have changed throughout history.

The term 'legal entity' comes from the Latin word 'persona' meaning 'mask' or 'character', which in law refers to a fictitious being created by law and given certain legal rights and responsibilities.

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Trivia

Any details, considerations, events or pieces of information regarding the word

1. Did you know that the oldest known legal entity is the Vatican City, which was established in 1073?

2. The term 'legal entity' can also refer to a natural person, such as an individual human being, who is recognized by law as having certain legal rights and responsibilities.

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Related Concepts

informations on related concepts or terms closely associated with the word. Discuss semantic fields or domains that the word belongs to

1. Corporation: A type of legal entity that is formed by a group of individuals, who combine their resources and assets to carry on a business enterprise and are granted limited liability protection by the law.

2. Partnership: A type of legal entity where two or more individuals carry on a business together, sharing profits, losses, and liabilities.

3. Limited Liability Company (LLC): A type of legal entity that provides its owners (members) with limited liability protection, meaning their personal assets are protected from business debts and liabilities.

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Culture

Any cultural, historical, or symbolic significance of the word. Explore how the word has been used in literature, art, music, or other forms of expression.

The concept of a legal entity has been a fundamental part of business and law since ancient civilizations. In literature, legal entities have been portrayed as complex characters in novels such as 'To Kill a Mockingbird' and 'The Great Gatsby'. In art, legal entities have been depicted in various forms, including sculptures and paintings.

How to Memorize "legal entity"

1. visualize
   

   - Visualize a mask or persona representing the legal entity, which has certain legal rights and responsibilities.

2. associate
   

   - Associate the term 'legal entity' with the concept of a separate and distinct entity recognized by law.

3. mnemonics
   

   - Use the mnemonic 'LEGAL' to remember the different aspects of a legal entity: 'L'egal = Limited Liability, 'E'ntity = Entity, 'G'overned = Governed by Law, 'A'utonomous = Autonomous, 'L'egal = Legal Fiction.

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