What is difference between natural person and juristic person?

What is difference between natural person and juristic person?

In law, a human person is called a natural person (sometimes also a physical person), and a non-human person is called a juridical person (sometimes also a juridic, juristic, artificial, legal, or fictitious person, Latin: persona ficta). They are treated in law as if they were persons.

What is the difference between legal person and physical person?

Natural Person is a human being and is a real and living person. Legal Person is being, real or imaginary whom the law regards as capable of rights and duties. 2. Legal Person has no such power of thought, speech and choice.

Who is a juristic person?

A juristic person is an organization that has the capacity to possess civil rights and pursue civil conduct, and may independently exer- cise its civil rights and perform its civil obligations in accordance with the law. . A juristic person may not be established except in accordance with the law.

What is a juristic person and examples?

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.

What are the characteristics of a juristic person?

Juristic person is a legal entity that has a distinct existence, independent from its members or shareholders. It possesses property in its own name, acquires rights, assumes obligations and responsibilities, signs contracts and agreements, and can be sued or institute legal proceedings exactly like a natural person.

What means natural person?

Legal Definition of natural person : a human being as distinguished from a person (as a corporation) created by operation of law — compare juridical person, legal person.

What is a natural or legal person?

In jurisprudence, a natural person (also physical person in some Commonwealth countries) is a person (in legal meaning, i.e., one who has its own legal personality) that is an individual human being, as opposed to a legal person, which may be a private (i.e., business entity or non-governmental organization) or public …

Can an entity be a person?

Definition. A person or organization possessing separate and distinct legal rights, such as an individual, partnership, or corporation. An entity can, among other things, own property, engage in business, enter into contracts, pay taxes, sue and be sued.

Is a bank a juristic person?

‘The Bank is a legal person and is, in its corporate capacity, capable of suing and being sued and is, subject to the provisions of this Act, capable of purchasing or otherwise acquiring, holding or alienating property, movable or immovable, and of performing such acts as legal persons may generally by law perform. ‘

How do you identify a juristic person?

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 legal person and juristic person same?

1. Legal person is being, real or imaginary whom the law regards as capable of rights or duties. 2. Legal persons are also termed “fictitious”, “juristic”, “artificial” or “moral”.

What are the characteristics of artificial person?

Artificial person – It has no body and mind of its own. It can act only through other persons elected for the purpose. 3. Continued existence – A company has a life of its own distinct from the life of its members.

What is the difference between a natural and juristic person?

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.

How are juridical persons treated as legal persons?

They are treated in law as if they were persons. While natural persons acquire legal personality “naturally”, simply by being born (or before that, in some jurisdictions), juridical persons must have legal personality conferred on them by some “unnatural”, legal process, and it is for this reason that they are sometimes called “artificial” persons.

Which is an example of a juristic person?

Juristic Person Meaning 1 Legal Person includes those things which are treated in the same way as human beings for legal purposes. 2 Legal persons have rights and co-relative duties; they can sue and be sued, can possess and transfer property. 3 Since they’re voiceless, this is mostly done through guardians and representatives.

Is it true that all legal personality involves personification?

“Although all legal personality involves personification, the converse is not true”. The legal persons perform their functions through natural persons only. There are different varieties of legal persons, viz. Corporations, Companies, Universities, President, Societies, Municipalities, Gramapanchayats, etc.