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Simple English definitions for legal terms
corporate entity
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A quick definition of corporate entity:
A corporate entity is a type of organization, like a business or government unit, that has its own legal identity separate from the people who own or run it. This means that the corporation can do things like borrow money, buy and sell property, and even sue or be sued in its own name. A public entity is a type of corporate entity that refers specifically to a government organization, like a state or local government.
A more thorough explanation:
A corporate entity is an organization, such as a business or government unit, that has a legal identity separate from its members. This means that the entity can act on its own behalf, enter into contracts, and own property.
For example, a corporation is a type of corporate entity. It is owned by shareholders, but it is considered a separate legal entity from them. This means that the corporation can enter into contracts, sue and be sued, and own property in its own name.
Another example of a corporate entity is a government agency. These entities are created by the government and have legal powers to carry out specific functions, such as collecting taxes or regulating industries.
Overall, a corporate entity is a legal entity that exists separately from its members and has the ability to act on its own behalf.