body corporate
A 'body corporate' is a legal entity that operates independently of its owners or members, commonly used in legal and business contexts.
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Definition
C1Law
(formal, technical)A legal entity with its own rights and responsibilities, distinct from those of its members.
Example
- The body corporate can enter into contracts and own property independently of its members.
- In legal terms, a body corporate is treated as a separate person.
B2Business
(formal, technical)An organization, such as a company, that is recognized by law as a single entity.
Example
- A body corporate can sue and be sued in its own name.
- Shareholders in a body corporate enjoy limited liability.
B2Real Estate
(regional, Australia, New Zealand)A group of individuals jointly owning a shared housing facility under a community titles scheme.
Example
- The body corporate is responsible for the maintenance of common areas in the condominium.
- Residents pay fees to the body corporate for shared services.
Similar
Terms that have similar or relatively close meanings to "body corporate":