Legal ownership definition

Legal ownership means that an entity has an enforceable claim or title to an asset or property, recognized by law. ‘Beneficial ownership’ means that an entity enjoys the possession and/or benefits of ownership (such as receipt of income) of a property, even if its ownership (title) is in the name of another entity (called a ‘nominee’ or ‘registered owner’). Use of a nominee (who may be an agent, a custodian or a trustee) does not change the position regarding tax reporting and tax liability, and the beneficial owner (also called the ‘actual owner’) remains responsible.
Sample 1

Examples of Legal ownership in a sentence

  • Legal ownership is designated to the SMA Custodian.Legal Ownership – MDA or direct investorsRemains with investor.

  • Legal ownership of Voluntary Controlled and Voluntary Aided school land and buildings usually rests with a charity, normally a religious body.

  • I understand that Legal ownership of our Accounts shall be governed by the internal laws of the state of residence of the person first named in the registration.

  • Legal ownership - if the operator includes roads or spur lines within the permit area but does not possess the mineral rights or the right-to-mine for these lands, the legal land description shall then be listed in the application as a separate subsection in Appendix "C".

  • Legal ownership of VC and VA school land and buildings usually rests with a charity, normally a religious body.

  • Legal ownership and liability for loss and damage to the Milk passes to Coles when Coles collects the Milk from the Farm Gate.

  • Legal ownership 7.010 For the purposes of assessing the resident's ability to pay a charge no account should be taken of the value of a property where the resident is a legal owner but has no beneficial interest in the property ie the resident is holding the property on trust for the beneficial owners and has no right to the proceeds or profits should the property be sold.

  • Legal ownership of the Welsh Government Woodland Estate is vested with the Welsh Ministers.

  • Legal ownership of assets is transferred to the customer at the end of the lease term.

  • Legal ownership of timber, including uncut trees, is vested in Natural Resources Wales.

Related to Legal ownership

  • Legal owner means a person who holds the legal title to a vehicle.

  • Ownership means, for purposes of this definition, control of more than a 50% interest in an entity.

  • Beneficial Ownership shall have the meanings set forth in Rule 13d-3 promulgated under the Exchange Act (as defined below) as in effect on the date hereof.

  • Joint Ownership - (also known as equity JVs) means the establishment by two parent companies of a child company for a specific task within which both parent companies invest in order to overcome the limited capabilities vested within them in order that they can both benefit from the combined investment.

  • substantial owners means any individuals entitled to more than 10% of the profits of or with an interest of more than 10% in an entity either directly or indirectly.

  • Common ownership means the same or substantially similar persons or entities that maintain a

  • Shareholding means the holding by a Member of a Share or Shares (whether in a class or not);

  • PRC means the People’s Republic of China.

  • Substantial Owner means any person or persons who own or hold a twenty-five percent (25%) or more percentage of interest in any business entity seeking a FPDCC Privilege, including those shareholders, general or limited partners, beneficiaries and principals; except where a business entity is an individual or sole proprietorship, Substantial Owner means that individual or sole proprietor.

  • Change of Ownership means a change in the individual or legal organization that is responsible for the operation of a nursing facility. Change of ownership does not include changes in personnel, e.g., a change of administrators. Events that change ownership include, but are not limited to, the following:

  • Beneficial Ownership Regulation means 31 C.F.R. § 1010.230.

  • Equity Ownership means the percentage ownership and control, exercised by individuals within an enterprise.

  • Principal owner means any person who owns, controls, votes or has a beneficial

  • School entity means a school district, intermediate

  • Entity means a corporation, partnership, limited liability company or other entity.

  • Initial Owners means, with respect to Borrower or any other entity, the persons or entities who on the date of the Note own in the aggregate 100% of the ownership interests in Borrower or that entity.

  • Identity means any chemical or common name which is indicated on the material safety data sheet (MSDS) for the chemical. The identity used shall permit cross-references to be made among the required list of hazardous chemicals, the label and the MSDS.

  • Ownership Interest As to any Certificate, any ownership or security interest in such Certificate, including any interest in such Certificate as the Holder thereof and any other interest therein, whether direct or indirect, legal or beneficial, as owner or as pledgee.

  • CNS means the central nervous system.

  • Key Managerial Personnel (KMP) means

  • Controlling shareholding means not less than 51% of the voting rights or paid up share capital in the Company/Consortium.

  • Bona fide association means, with respect to health insurance coverage offered in this

  • Original Owner means the original owner identified below.

  • Change in Ownership means change of ownership of the Bidder/Member in a Bidding Consortium by way of merger/ acquisition/ amalgamation/ reorganisation/ consolidation/ demerger;

  • Stakeholder means a person who owns shares in the company and is actively involved in the management of the company or business and exercises control over the company.