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What does the term 'natural person' in a corporation mean? |
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Answer
A "natural person" or "natural born person" refers to a living and breathing human being.
A loose translation might suggest it means a living, breathing human being that is a citizen of a particular country.
A corporation, by legal definition, is a "person" in that it can do most of the things that a natural person can do in a business sense, enter into contracts, sue and be sued, own assets, incur debts, borrow money, go bankrupt, etc., and be independent from the natural persons (shareholders) who own it.
First answer by Steve Morris. Last edit by BMFCPA. Contributor trust: 6 [recommend contributor]. Question popularity: 138 [recommend question]
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