Topic: Business Entities
To have legal personality means to be capable of holding legal rights and obligations within a certain legal system, such as entering into contracts, suing, and being sued. Legal personality is a prerequisite to legal capacity, the ability of any legal person to amend (enter into, transfer, etc.) rights and obligations. In international law, consequently, legal personality is a prerequisite for an international organization to be able to sign international treaties in its own name. A holder of legal personality is called as a person (Latin: persona). Persons are of two kinds: natural persons (also called physical persons) and juridical persons (also called juridic, juristic, artificial, legal, or fictitious persons, Latin: persona ficta) – entities such as corporations, which are treated in law as if they are persons. While human beings acquire legal personhood when they are born, juridical persons do so when they are incorporated in accordance with law.
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