An artificial person created by law. Answer in a word / phrase / term.
Answers
Answer:
The word which can be used instead of the given sentence, "An artificial person created by law.", is COMPANY.
Explanation:
In the case of using a legal process of forming a company, there is common identification of when an artificial entity gets recognized by the law as a legal person. This person exists independently and possesses the rights to exist individually.
This law or legal documentation allows a company to be treated as a separate legal identity. It is not associated with its participants.
In this case, the company is to be owned by minimum one shareholder. There is also the need for a manger to control the operations, i.e. a director.
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.
Artificial statutory person:-A company is an artificial person created by the law which comes into existence only by contemplation of the law. The way a person is born grows up, develops a mutual relationship and attains death, similarly, a joint capital company also takes birth, grows up, develops their mutual relationship and ultimately attains death. it occurs. However, it is called an artificial person because its birth, development, and death are all regulated by law.