Natural Person
A “warm body”, also referred to as a natural person, is a living human being acting in their personal capacity, as opposed to a legal entity like a company or trust. In legal and regulatory contexts, such as FICA and POPIA in South Africa, a natural person is the individual whose identity and personal information must be verified and protected.
Legal Entity
A legal entity in South Africa refers to an organisation or structure that is recognised by law as having its own legal personality, separate from the individuals who manage or own it. This allows the entity to enter into contracts, own property, incur liabilities, sue, and be sued in its own name.
Examples of legal entities include:
Private Companies (Pty) Ltd, Public Companies (Ltd), Non-Profit Companies (NPCs), Trusts, Co-operatives, State-Owned Enterprises
Each type of legal entity is subject to specific regulatory requirements and must be registered with the appropriate authorities, such as the Companies and Intellectual Property Commission (CIPC) or the Master of the High Court (for trusts).
Legal entities are commonly used in South Africa for conducting business, holding assets, or carrying out specific mandates, while offering certain protections and separation from personal liability for their owners or trustees.