LEGAL ENTITY Definition

LEGAL ENTITY is a person or organization that has the legal standing to enter into contracts and may be sued for failure to perform as agreed in the contract, e.g., a child under legal age is not a legal entity, while a corporation is a legal entity since it is a person in the eyes of the law.

Learn new Accounting Terms

MSCC is Material Supply Chain Cost.

PERMANENT ACCOUNTS see REAL ACCOUNTS.

Suggest a Term

Enter Search Term

Enter a term, then click the entry you would like to view.

Purchase and download Glossary
Only $9.95