Legal Entities

Legal entities are organizations or institutions recognized by law as having their own rights and responsibilities, separate from the individuals who create or own them. Common types include corporations, partnerships, and non-profit organizations. They can enter contracts, sue or be sued, and own property. This legal status provides liability protection to the individuals involved, meaning their personal assets are generally shielded from the entity's debts or legal issues. Essentially, a legal entity acts like a person in the eyes of the law, facilitating business and social activities.