Accountancy, asked by mehta0605, 6 months ago

What is the difference between Legal entity and Legal formalities

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Answered by unatha4

Answer:

A company or organization that has legal rights and responsibilities, for example the right to make contracts and the responsibility to pay debts.” The Law Dictionary goes one step further, saying a legal entity is “a lawful or legally standing association, corporation, partnership, proprietorship, trust or individual [that] has legal capacity to: (1) enter into agreements or contracts; (2) assume obligations; (3) incur and pay debts; (4) sue and be sued in its own right; and (5) be accountable for illegal activities.”

Formality also means the conditions which must be observed in making contracts, and the words which the law gives to be used in order to render them valid. ... It also signifies the conditions which the law requires to make regular proceedings.

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