Meaning of Juristic Person
A juristic person, also known as a legal person or artificial person, is an entity that has been recognized by law as having the same rights and obligations as a natural person. This means that it can enter into contracts, sue or be sued, own property, and be held accountable for its actions in the same manner as an individual person. The concept of a juristic person has been developed and refined over many centuries, and is now an integral part of the legal systems of many countries around the world.
A juristic person is an organization that has the capacity to possess civil rights and pursue civil conduct, and may independently exercise its civil rights and perform its civil obligations in accordance with the law. Juristic person is also known as legal person and artificial person. A juristic person or legal person is one to whom law attributes legal personality.
Features/Characteristics of Juristic Person
There are several key features that define a juristic person, including the following:
- Separate Legal Identity: One of the most important features of a juristic person is that it has a separate legal identity from its members. This means that it can act as an independent entity and that it is not dependent on its members for its existence. This also means that the liability of the members is limited, as they are not held responsible for the actions of the juristic person.
- Capacity to Contract: A juristic person has the capacity to enter into contracts and to be bound by them. This means that it can purchase and sell property, hire employees, and engage in business transactions. The capacity to contract is a crucial aspect of a juristic person, as it allows it to carry out its operations and achieve its goals.
- Right to Sue and be Sued: A juristic person also has the right to sue and be sued, just like a natural person. This means that it can take legal action against others to protect its rights and interests, or it can be sued by others who have been wronged by its actions.
- Ownership of Property: Another important feature of a juristic person is that it has the right to own property. This includes both tangible and intangible property, such as real estate, patents, and trademarks. The property is held in the name of the juristic person and not in the name of its members, which helps to protect the property from being seized in the event of bankruptcy or legal action against the members.
- Continuity of Existence: A juristic person has the ability to continue to exist even if its members change or die. This is because the entity is considered to be a separate legal entity from its members. This means that the juristic person can carry on its operations and achieve its goals, even if its members are no longer involved.
- Ability to Perform Legal Acts: A juristic person has the ability to perform legal acts, such as entering into contracts, buying and selling property, and hiring employees. This means that it can carry out its operations and achieve its goals in a manner that is legally recognized and binding.
- Limited Liability: The members of a juristic person typically have limited liability, meaning that they are not responsible for the debts or obligations of the entity. This is an important feature, as it protects the members from being held personally liable for the actions of the entity.
- Responsibility for its Own Actions: Although the members of a juristic person have limited liability, the entity itself is responsible for its own actions. This means that it can be held accountable for any damages or obligations that it incurs, and that it can be sued or held responsible for any actions that are contrary to law or that cause harm to others.
- Taxation: A juristic person is often subject to taxation in the same manner as a natural person. This means that it must pay taxes on its income and profits, and may also be subject to other taxes, such as property taxes and sales taxes.
- Regulation: A juristic person is often subject to regulation by government agencies, such as the Securities and Exchange Commission, the Federal Trade Commission, and the Internal Revenue Service. These regulations are designed to ensure that the entity operates in a manner that is fair and in the best interests of its stakeholders, and that it adheres to legal and ethical standards.
Conclusion
A juristic person, also known as a legal person or a fictional person, is a non-human entity that is treated as a legal person by the law. This means that the entity has the ability to own property, enter into contracts, sue or be sued, and perform other legal actions as if it were an individual. Examples of juristic persons include corporations, partnerships, limited liability companies, and government entities. The concept of a juristic person is used to allow a group of individuals to conduct business and other activities as a single entity, separate from their individual legal identities.