Legal Personhood

Legal Entity
A legal entity refers to a person or organization that has the legal standing to enter into a contract and may be sued for failing to perform as agreed in the contract. A child under legal age is not a legal entity. A corporation is considered a legal entity since it is deemed a person in the eyes of the law.

Accounting Terms Lexicon

Discover comprehensive accounting definitions and practical insights. Empowering students and professionals with clear and concise explanations for a better understanding of financial terms.