We explain what natural persons and legal entities are, the rights and obligations they have and what their characteristics are.
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.
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.
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.
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.
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.
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.
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