GBL 295 Lecture Notes - Lecture 1: Natural Person, Legal Personality, Hobby Lobby
Document Summary
An entity (usually a business) having authority under law to act as a single person distinct from the shareholders who own it and having rights to issue stock and exist indefinitely; or. Note how many times the word person or some variation thereof ( personality, legal or juristic person, natural person ) occurs in these definitions. Legally speaking, a person is any entity that has legal rights. In other words, anything that can sue or be sued is a person as far as the law is concerned. Rather, they should do whatever is legal to make as much money as possible. This school of thought recognizes two factors that influence and guide corporate behavior: the. The government hand refers to laws that the government can pass to guide and influence corporate behavior: the second school of thought is that a corporation should behave more like an individual person would.