A body – whether human or non-human – that is recognized by the government as:
- having certain privileges and obligations with a capacity to enter into documented agreements (contract) with other Legal Entities
- to claim its privileges (to sue) based on contracts
- and to be claimed with its obligations (to be sued) based on contracts
Legal Entity can be a Physical Person or a Juridical Person (Company).
Some Legal Entities are engaged into Business activities and some are not, as they are not related to production and exchange of products.
See also
[ Business ] [ Economic Entity ] [ Physical Person ] [ Juridical Person ]