We explain what natural persons and legal entities are, the rights and obligations they have and what their characteristics are.
What are natural and legal persons in law?
Natural persons, in the field of law, are all those human beings of real and visible existence who can acquire rights and therefore contract obligations.
The legal entities, meanwhile, are a group of physical persons who come together for the purpose of a collective realization . The objective is the formation of a society , company , organization or association with a collective name, in the form of simple limited partnership, limited liability, anonymous, in fact, for the public good, etc.
At the same time, the law gives these people a legal capacity to contract rights and obligations . In the case of natural persons, the responsibility will be individual. The legal entities, on the other hand, will respond collectively based on the structure created, although at the same time there may be certain individual responsibilities of each partner or member in certain circumstances.
Characteristics of natural and legal persons :
Individuals conquer rights and in the same way contract obligations . The legal entities also do it, but their legal personality comes from a collectivity organized with the purpose of obtaining a durable and permanent social purpose. Both natural and legal persons are recognized by the State and have economic rights.
The end of legal entities occurs with the legal dissolution of the constituent entity.
Natural persons have a visible, real, physical or natural existence. Legal entities are a legal creation that responds to a legal and state order . The purpose of the legal person will be specified with the death or disappearance of the individual, while in legal entities it will be effective with the legal dissolution of the constituent entity.
Natural and legal persons have the capacity to be the holder of rights and duties , at the same time they have the suitability of being an active or passive subject of legal relationships. In legal entities, said capacity is subject to the scope of its corporate purpose and is essentially practiced through representation through a natural person, either judicially or extrajudicially.
Legal persons necessarily require a name that will designate a specific person, each subject will thus have a personal identification. In legal entities there will be a Company Name , which basically constitutes an indispensable means of identification to execute their legal relationships.
Legal entities must register their domicile where their administration is established.
Each subject will be responsible for establishing a domicile, which will be their place of residence in the case of natural persons . Legal entities must register their domicile in the exact place where their administration is established , that is, the fiscal domicile of the company, institution, foundation, etc.
Each subject must state their marital status . This situation is purely exclusive to natural persons. It is an individual situation of people in relation to their family and spouse (single, married, widowed, separated).
All natural and legal persons must be willing to declare their assets , that is, everything that can be valued economically (goods, rights, obligations and money). In the legal entities, the patrimony will be specified in the articles of incorporation of the companies and is estimable in monetary terms.
Legal entities are registered under the legal guidelines of a specific nation.
It is the belonging of a subject to a certain territorial space with a specific state order, in the case of legal persons. Regarding legal entities, their registration will be carried out under the legal guidelines of a specific nation, even if they subsequently register an international activity.
Exercise of rights
Every person to be conceived and at birth will have a legal personality and will acquire rights that they can freely exercise (legal persons). Legal entities may exercise all the rights that are necessary to carry out the objective of their establishment.
All legal entities are administered based on the laws relating to its operation specific, as well as according to their writing and Articles of Incorporation. Individuals will respond to the legal order that includes them.
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