LegalEntity is a misleading name.

[GeertThijs]

In my opinion every object that is officially registered is a LegalEntity, Organizations as wel as Persons. In REGORG, which evolved from the first version of the Core Business Vocabulary, "RegisteredOrganization" is chosen as a label. This is a much better choice because 1) it makes clear that we are dealing with an Organization, not with a Person or any other LegalEntity and 2) it makes clear that it is an official Organization that derives this status from the fact that is was officially registered.