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Legal personality (also artificial personality and juristic personality) is the characteristic of a non-human entity regarded by law to have the status of a person. A legal person (Latin persona ficta), also legal person, artificial person, juristic person, and body corporate) has rights, protections, privileges, responsibilities, and liabilities under law, just as natural persons (humans) do. The concept of legal personality is perhaps one of the most fundamental legal fictions. It is pertinent to the philosophy of law, as well as corporations law (the law of business associations). Legal personality allows one or more natural persons to act as a single entity (a composite person) for legal purposes. In many jurisdictions, legal personality allows such composite to be considered under law separately from its individual members or shareholders. They may sue and be sued, enter into contracts, incur debt, and have ownership over property. Entities with legal personality may also be subject to certain legal obligations, such as the payment of tax. An entity with legal personality may shield its shareholders from personal liability. The concept of legal personality is not absolute. "Piercing the corporate veil" refers to a legal decision in which the rights or duties of a corporation as the rights or liabilities of its shareholders or directors. Legal persons may not have all the same rights as natural persons - for example, human rights, including the right to freedom of speech. Although the concept of a legal person is more central to Western law in both common law and civil law countries, it is also found in virtually every legal system.[1]
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