A juridical person is a non-human legal entity that is not a single natural person but an organization recognized by law as a legal person such as a corporation, government agency, or NGO.

What is the meaning of artificial person?

Artificial person is an entity created by law and given certain legal rights and duties of a human being. ... An artificial person is also referred to as a fictitious person, juristic person, juridical person, legal person or moral person.

What is examples of artificial persons?

An Artificial person is an entity that is recognised by the law as a Legal Person i.e. an entity holding legal rights and duties distinct from the individuals whom comprise it. For example: A registered company is a person in the sense that it can sue or be sued, as well hold property etc. in it's own name.

What is an artificial person in legal terms?

An entity that is recognized by the law as a legal person, i.e. one having legal rights and duties distinct from the individuals who comprise it. For example, a company is a person in the sense that it can sue and be sued, hold property, etc., in its own name.

Who are natural and artificial person?

There are two kinds of persons in law: natural persons (human beings) and artificial persons (companies). ... A natural person is a legal entity from birth but an artificial person becomes a legal entity once it has been incorporated.

Class 11 Business Studies Chapter 7 | Artificial Person - Formation of a Company

22 related questions found

What is artificial person class 11?

(a) Artificial Person It means company does not have a physical body like a human being. It is an artificial person created by law. Its operations are performed by the elected representatives of members, known as directors.

What is artificial person in business?

A legal entity that is not a human being but for certain purposes is considered by virtue of statute to be a natural person. A corporation is considered an artificial person for Service of Process. Corporations are such artificial persons. ...

Is company an artificial person?

Abstract. The incorporation of a company is an artificial entity recognized by the law as a legal person that exists independently with rights and liability. This means that a company is treated as a separate person from its participants.

Who is the artificial person created by law?

Haney ― “a company is an artificial person created by law, having separate entity, with a perpetual succession and common seal.”

Who Defined company is an artificial person?

A Company is an artificial person created by law. It is not a human being but it acts through human beings. It is considered as a legal person which can enter into contracts, possess properties in its own name, sue and can be sued by others. 3.

Why company is an artificial person?

A company is called an artificial person because it does not come into existence by natural birth and cannot talk, eat, walk or move like natural individuals. Moreover, a company cannot die instead it is brought to an end by legal procedure.

What are the characteristics of an 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.

Is partnership an artificial person?

It is not a legal entity. Whereas a company (private or public limited) is an artificial person, a partnership is merely a name given to a group of people working together (even if it is a registered partnership).

Who are the real owners of the company?

Answer: Equity shareholders are the real owners of the company. Equity shares represent the ownership of a company and capital raised by the issue of such shares is known as ownership capital or owner's funds.

Is an artificial person created by law answer?

A joint capital company is an 'artificial person' created by legislation, has an independent statutory existence, has eternal life and a common seal. The company's capital is divided into equal-value shares. Members of the company, who have one or more shares, are called shareholders of the company.

Why a company is called an artificial person class 11?

A company is the creation of law and exists in the eyes of the law only. ... Like natural persons, a company can own property, incur debts, borrow money, enter into contracts, sue and be sued but unlike them, it cannot breathe, eat, run, talk and so on. It is, therefore, called an artificial person.

What is perpetual succession short answer?

In company law, perpetual succession is the continuation of a corporation's or other organization's existence despite the death, bankruptcy, insanity, change in membership or an exit from the business of any owner or member, or any transfer of stock, etc.

What is perpetual succession Class 11 BST?

CBSE Class 11 CBSE Class 11 Business Studies. cbse, formsofbusiness. prasanna August 1, 2016, 10:39am #1. Perpetual succession means continuity of the business without being affected by death, entry or exit of its members.

Which form of organization is an artificial person?

A company is essentially an artificial person—also known as corporate personhood—in that it is an entity separate from the individuals who own, manage, and support its operations. Companies are generally organized to earn a profit from business activities, though some may be structured as nonprofit charities.

Is partnership a legal person?

A partnership is not a corporate entity" It does not have a separate legal persona and this has several important legal consequences: in the relationship between the parties all rights and duties onfy exist between the partners Inter se, the rights and duties of the partnership are the rights and duties of the partners ...

What are body corporates?

Body corporate is a specific type of business structure that provides company with a distinct legal identity that completely separate from that of its owners.

What are characteristics of an artificial person in jurisprudence?

ADVERTISEMENTS: 1. A juristic person may be any subject-matter to which the law attributes a fictitious personality. There must exist a group of persons or mass of property as the case may be.

How do I become a natural person?

When considering the very basics, a natural person is guaranteed a set of basic human rights, including life, liberty, and the pursuit of happiness. Of course, the human rights of a natural person also include the ability to marry, vote, or hold public office.

Is Indian citizen a legal person?

Indian law defines two types of "legal person", the human beings as well as certain non-human entities which are given the same legal judicial personality as human beings.

What is person and types of person?

Person is a category used to distinguish between (1) those speaking, (2) those being addressed, and (3) those who are neither speaking nor being addressed (i.e., everybody else). These three categories are called the first person, the second person, and the third person.