Sum total of an individual’s legal advantages and disadvantages. Defined as the lawful characteristics and qualities of an entity. An example of these are a person’s age or asset ownership. From this, an entity’s legal capacity and status in the jurisdiction or society’s legal order. An example is how a law is applicable if one is a home owner versus a renter.

TLD Example: A benefit of operating a business as a corporation is the protection it affords its owners because the law recognizes its legal personality, so lawsuits are filed against it as a legal entity.

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