2: Persuasive Legal Concepts Flashcards
What are the three legal entities that are referred to in UK legislation?
- Individuals
- Persons
- Comapanies
What is the definition of an “Individual”? (3)
- A Human Being
- Enjoy rights and bear duties
- Able to sue or be sued
An individual is said to have a ____ ________ because they are capable of enjoying rights and bearing duties.
Legal personality
What is the simple definition of a “person”
A corporate or unincorporate body of persons
or juristic or non-juristic persons
What can the word “person” be? (4)
corporate body of persons
unincorporate body of persons
juristic persons
non-juristic persons
What are “juristic persons”? (3)
- Persons that are not human beings
- They do have a legal personality like an individual does
- Referred to as corporations
Do juristic persons have a tangible existance?
No
What is an example of a juristic person?
Corporation
What are the two types of corporation?
- Corporation sole
- Corporation aggregate
Match the two:
Corporate sole
Corporate aggregate
Single capacity
Double capacity
Corporate sole - double capacity
Corporate aggregate - single capacity
A corporation aggregate can only act in a single capacity. What capacity is this?
It’s corporate capacity
Although member may change from time to time, the corporation continues to exist - what is the term for this?
Perpetual succession
What are the two attributes similar to both companies?
- Perpetual succession
- Continuous identity
Four attributes of a corporation
- Separate legal identity
- Perpetual succession
- Continuous identity
- Taxation separate from owners
Tax law: does tax law always follow the general law?
No,
Very often it does, for example, where there is a partnership, the partners are taxed individually.
However, sometimes it does not. For example, trustees of a trust are taxed as if they were a single person
