ELI5: Explain Like I'm 5

Legal personality

Legal personality means that a legal thing or person is considered as having certain rights and responsibilities as if they were a real person. This includes things like companies and organizations. These organizations can do things like own property, sign contracts, buy and sell things, and be held responsible for the things that they do. They are not the same as a real person, but they can still do some things like a real person can.
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