legal entity

legal entity definition - business

legal entity

A person, business, trust, or organization that has the legal standing to enter into a contract, take on an obligation, and assume responsibility for its actions. A legal entity such as a corporation has an identity separate from its owners.

The American Heritage® Dictionary of Business Terms Copyright © 2009 by Houghton Mifflin Harcourt Publishing Company. Published by Houghton Mifflin Harcourt Publishing Company. All rights reserved.

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