Lagafruma

Lagafruma is an Icelandic term that translates to "legal personality" or "legal entity." It refers to a natural or legal person that is recognized by law as having rights and obligations. This means that a lagafruma can own property, enter into contracts, sue and be sued, and is subject to legal responsibilities.

In Iceland, both individuals (natural persons) and corporations or organizations (legal persons) are considered lagafruma. For natural persons, legal personality begins at birth and ends at death. Legal persons are created through a formal registration process, such as incorporating a company or establishing an association. The existence and dissolution of legal persons are governed by specific laws and regulations.

The concept of lagafruma is fundamental to Icelandic law, as it establishes who can participate in legal and economic activities within the country. It allows for organized commerce, the protection of individual rights, and the accountability of entities. Understanding the nature of lagafruma is crucial for anyone conducting business or engaging in legal matters in Iceland. The scope of rights and obligations of a lagafruma can vary depending on whether it is a natural or legal person, and the specific laws applicable to its existence and activities.