Definition
An Artificial Person is a figure straight out of the legal fiction aisle, a nifty creation that walks the corridors of commerce without a heartbeat. It’s not someone you can invite for coffee, but you can certainly serve it with a lawsuit! Being recognized by law as a legal entity, this non-breathing persona holds rights and obligations just like a real, living individual—minus the birthday parties.
Characteristics
Although it can’t enjoy a slice of pie, an artificial person can:
- Own property without a physical hand to hold the deed.
- Sue or get sued, making it as popular in court as any drama-loving celebrity.
- Engage in contracts, despite lacking an actual signature.
Made popularly known through corporations, an artificial person is the legal darling for entrepreneurs who wish to operate within a protected structure that limits personal liabilities.
Origins and Usage
Curiously coined to fill the gap in legal and business operations, the term “artificial person” brings a Sherlock Holmes-like cleverness to the understanding of abstract legal concepts. It’s as though the legal system crafted a well-dressed imaginary friend who can partake in economic activities.
Related Terms
- Corporation: An artificial person with shareholders enjoying a blockbuster hit of limited liability.
- Limited Liability Company (LLC): Another type of artificial person where simplicity meets flexibility, providing members protection under a corporate veil.
- Partnership: This relationship might lack the artificial glitz but involves two or more natural persons who agree to be business BFFs.
Recommended Reading
- “The Invisible Man: Comprehensive Guide to Understanding Artificial Persons” by Clark Legal – A thrilling account of the legal underpinnings and case studies surrounding artificial persons.
- “Corporations and Partnerships: Business Structures and their Fantastical Legal Entities” by Sarah Statute – A deep dive into how various business structures utilize the concept of artificial persons.
Artificial persons, your go-to when you need someone to blame but there’s not a person in sight. Want to learn more? Remember, in the world of legalese, even those that do not breathe can play the game!
