legal entity

Definition

Unique parties that are legally or financially responsible for the performance of financial transactions or have the legal right in their jurisdiction to enter independently into legal contracts.

More detailed and inclusive

As defined in ISO 17442:2020, includes, but is not limited to, the unique parties above, regardless of whether they are incorporated or constituted in some other way (e.g., trust, partnership, contractual). It includes governmental organizations and supranationals and individuals when acting in a business capacity but excludes natural persons. It also includes international branches.

Paraphrased by @henkvancann from source Draft vLEI Ecosystem Governance Framework Glossary.