Brazilian law classifies legal entities according to several attributes. The first attribute is nationality, as a legal entity may be organized according to Brazilian law or the laws of a foreign state. As a result, foreign entities may not act independently in Brazilian territory without express permission from the government, although foreign entities may be shareholders in Brazilian corporations.
Another important classification is whether an legal entity is a corporation or a foundation. A corporation is defined by Latin term universitas personarum and refers to a group of people who form a collective and act as one unit in their collective interests. Examples of corporations are association and for-profit companies.
A foundation, on the other hand, is a fund that functions as a legal entity for a particular purpose that defines its existence. There are both public and private foundations. Under Brazilian law, both corporations and foundations hold assets, but for a corporation assets are a means to an end, whereas for foundations, the accumulation of assets for a particular purpose is the main legal aim.
Another important distinction whether the entity is a public legal entity or private legal entity. Public entities can further be subdivided into domestic public and private legal entities, and foreign domestic public and private legal entities.
Ricardo Tosto is one of Brazil’s best-known litigators. A legend in Sao Paulo’s legal community, Ricardo Tosto received his undergraduate legal education at McKenzie Law School. He was an in-house attorney for an electric utility before striking out on his own and founding Ricardo Tosto & Associates, one of Sao Paulo’s most prestigious law firms.
Ricardo Tosto practices in a number of legal fields including civil and commercial law. He is also an expert in various aspects of banking and financial law and has represented many clients in high-profile cases. Thanks to Ricardo Tosto’s dedication to to his profession, he has built one of Brazil’s great law firms.