This question would be easier to answer with some context.
For example: if you are looking at a contract, and it refers to a "legal entity", and you want to know whether that includes natural persons, then you would normally look at the whole contract to decide. If the contract refers elsewhere to "legal entities and natural persons" then you might conclude that "legal entity" alone is intended to exclude natural persons.
In the absence of any countervailing considerations, however, I would normally read a reference to "legal entity" to include natural persons. But I wouldn't be too surprised if others took a different view.