Individuals, who are referred to as natural persons, are distinct from juristic persons. Juristic persons, encompassing corporate entities, partnerships, and associations, are bestowed with legal rights and obligations in accordance with the law.
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Juristic entities, commonly referred to as legal persons or artificial persons, have been duly acknowledged by the legal system for possessing legal entitlements and responsibilities. They possess the capability to engage in contractual agreements, initiate or defend lawsuits, and possess tangible assets. Nonetheless, it is worth noting that there exists a specific classification of entities that do not receive the same treatment as juristic persons, namely natural persons or individuals.
In the realm of legal entities, juristic persons encompass a wide range of corporate entities, partnerships, and associations. However, it is important to note that individuals stand apart from these entities. Individuals, in this context, refer to human beings who are recognized as natural persons in the eyes of the law. Unlike juristic persons, individuals do not possess distinct legal identities and are not regarded as separate entities.
To delve deeper into this matter, let us contemplate a remark from the renowned legal luminary, Oliver Wendell Holmes Jr. In his eloquent words, he posited, “A corporation, a mere construct of the law, assumes the guise of an ethereal entity, intangible and indiscernible, solely in the realm of legal contemplation.” This profound statement aptly showcases the dichotomy between the legal standing of corporate entities and that of human beings.
Here are some interesting facts related to the distinction between juristic persons and individuals:
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Legal Personality: Juristic persons are granted legal personality, which means they can be held legally accountable for their actions and liabilities. Individuals, on the other hand, possess natural personality but not separate legal personality.
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Limited Liability: One advantage of incorporating a juristic person, such as a corporation, is the concept of limited liability. This means that the owners or shareholders are not typically personally responsible for the entity’s debts or obligations.
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Organizational Structure: Juristic persons often have a structured organizational setup, such as a board of directors, officers, and shareholders. Individuals, in contrast, do not have such formal organizational structures.
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Taxation: Juristic persons, depending on the jurisdiction, may be subject to different tax regulations and obligations compared to individuals.
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Perpetual Existence: While the existence of individuals is finite, juristic persons can have perpetual existence beyond the lifespan of their founders or members. This allows for continuity and stability in business operations.
Table comparing Juristic Persons and Individuals:
| Category | Juristic Persons | Individuals |
|---|---|---|
| Legal Personality | Granted legal personality | Possess natural personality |
| Liability | Limited liability | Personal liability |
| Organizational Structure | Typically structured | No formal structure |
| Taxation | Subject to specific tax regulations | Individual tax liability |
| Perpetual Existence | Can have perpetual existence | Finite lifespan |
In conclusion, individuals, as natural persons, are distinct from juristic persons in terms of legal personality, liability, organizational structure, taxation, and perpetual existence. Juristic persons, such as corporations, partnerships, and associations, are recognized as separate entities under the law, while individuals are not treated as juristic persons.
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Trust
From the above, it is clear that, legally, the ‘trust’: (i) cannot be a juristic person; (ii) cannot be an association of persons; and (iii) cannot be a tangible endowment or a corporeal property.
The distinction is best understood with reference to the two classes of person recognised by the law: namely, natural and juristic. (Only these two have legal personality. Animals and deceased people are excluded.)
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People also ask
Just so, What is an example of a juridical person? Response will be: Examples of juridical persons are states, agencies, corporations, associations, committees, partnerships, ethnic and religious groups, positions to which individuals are nominated, appointed, or hired, character groups (women, fathers, children, deceased persons), the estates of bankrupt or deceased persons, counties,
What is an example of juristic?
Answer will be: Juristic personsEdit
A juristic person has a seperate legal personality from the persons who created it. Thus for example, a company can sue in its own name; a mutual society would have rights and obligations seperate from its members; A university could have duties towards its employees…etc.
Herein, Is a corporation a juristic person?
The term “juristic person” includes a firm, corporation, union, association, or other organization capable of suing and being sued in a court of law.
What is an example of an artificial person?
A corporation is recognized as an artificial person. The word incorporate comes from the Latin corpus, meaning body. It essentially means formed or added into a body and united by legal enactment. When a new legal entity is incorporated, owners are able to act as one.
Are juristic people legal subjects? Answer to this: All human beings are referred to as natural persons and are thus legal subjects. Juristic persons, however, can be defined as certain associations of natural persons, such as companies and universities. 3 They are viewed as entities and are also considered to be “persons” and thus legal subjects in terms of the law. Is society a juristic person?
Also, Is a school a juristic person? In terms of section 15 of the Schools Act, a public school is a legal person (juristic person) with legal capacity to perform its functions under the Act. According to its legal personality, the school is a legal subject and has the capacity to be a bearer of rights and obligations. What is a juristic reason?
What is a juristic reason? “Juristic reason” means a reason/explanation based upon law for the enrichment of one at the detriment of another. If there was a juristic reason for the enrichment, then it was not “unjust” and the courts will not provide a remedy. Who is juristic person in India? What can a juristic person do?
What is a juridical person?
The response is: Other terms include artificial person, corporate person, judicial person, juridical entity, juridic person, or juristic person. A juridical person maintains certain duties and rights as enumerated under relevant laws. The rights and responsibilities of a juridical person are distinct from those of the natural persons constituting it.
Are juristic people legal subjects?
All human beings are referred to as natural persons and are thus legal subjects. Juristic persons, however, can be defined as certain associations of natural persons, such as companies and universities. 3 They are viewed as entities and are also considered to be “persons” and thus legal subjects in terms of the law. Is society a juristic person?
What is a non juristic person? The term "non-juristic person" is somewhat unusual, but would normally be interpreted as meaning a person that is not created but who is born. A synonym would be "natural person". Q: What is the difference between a juristic person and a non-juristic person? Write your answer… Still have questions? What is legal capacity in law?
Is a school a juristic person?
In terms of section 15 of the Schools Act, a public school is a legal person (juristic person) with legal capacity to perform its functions under the Act. According to its legal personality, the school is a legal subject and has the capacity to be a bearer of rights and obligations. What is a juristic reason?
Similarly one may ask, Is a state a juristic person?
Answer will be: noun Law. See under person (def. 12). But a State, as a juristic person, wants organs to exercise its powers. International Law. A Treatise. Volume I (of 2) | Lassa Francis Oppenheim There are no shares; the capital is owned by the bank, which may be regarded as a juristic person, an independent legal subject.