This article describes 11 differences between Natural Person and Legal Person.
Natural Person
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A natural person is a human being.
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He has characteristics of the power of Thought speech and choice.
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A natural person is a real and living person.
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Slaves were also natural persons.
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The layman does not recognize idiot, company, corporation, idol etc. as persons.
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The only natural persons are human beings.
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He is also a legal person.
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Natural persons perform their functions and also perform the function of legal persons.
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Man is the only natural person.
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There is no such division in natural person.
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Natural person can live for a limited period. i.e. he cannot live more than 100 years.
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Legal Person
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Legal person is being, real or imaginary.
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A legal person is any being whom the law regards as capable of rights or duties.
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Legal persons are also termed “fictitious”, “juristic”, “artificial” or “moral”.
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In older law, “slaves” were not recognized as persons.
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In law, idiots, dead men, unborn persons, corporations, companies, idols, etc. are treated as legal persons.
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There are several categories of legal persons recognized by law.
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“Although all legal personality involves personification, the converse is not true”.
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The legal persons perform their functions through natural persons only.
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There are different varieties of legal persons, viz. Corporations, Companies, Universities, President, Societies, Municipalities, Gramapanchayats, etc.
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There are two classes of corporation’s corporation sole and corporation aggregate.
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Legal person can live more than 100 years. Example: (a) the post of “American President” is a corporation, which was created some three hundred years ago, and still it is continuing. (b) “East India Company” was established in sixteenth century in London, and now still is in existence.