Which of the following best describes the term "legal person"?

The term "legal person" refers specifically to a corporation or other legal entity that is recognized as having rights and responsibilities under the law, separate from those of its owners or shareholders. This concept allows entities such as corporations, partnerships, and governments to enter into contracts, sue and be sued, and own property, just like a natural person. Recognizing these entities as legal persons enables them to operate in the legal system, ensuring that they can engage in business activities and be held accountable for any legal obligations.

Natural persons, which are individual human beings, are included in the broader definition of legal persons, but the term more accurately emphasizes the entities that are not individuals, like corporations. This distinction is crucial in legal contexts, particularly in corporate law and liability matters.