A legal entity is an entity that, according to the law, has the capacity to sue, be sued and be a party to a judicial proceeding. When a person or entity is recognized as a legal entity, it is granted the power to take legal action and extensive rights to protect its interests.
A natural person is legally defined as a living human being. This definition is intended to differentiate a natural person from a legal person, which is a group of people who act in a unified company, often commercial, but that the law considers that they act as a single virtual or fictitious person.
Legal, accounting, and other professional fees paid or incurred in connection with a business transaction or primarily for the purpose of preserving existing business reputation and good will are generally deductible. In conclusion, there is no correct answer to the question of what category of expenses legal services fall into.
Learn about the payment methods accepted for prepaid legal services such as credit cards, debit cards, electronic checks and more.
Incorporation provides many benefits for businesses such as limited liability protection for owners and shareholders from debts incurred by their companies; protection from personal liability; access to capital; tax advantages; flexibility; continuity.