limited liability simple definition

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What is the difference between limited liability and unlimited liability?

While limited liability separates and protects personal assets from business assets. Some countries allow the creation of unlimited liability corporations, which means that the shareholder or partner assumes all liability for the company's success.

What is a limited liability company?

Limited liability companies are hybrid entities that combine the characteristics of a corporation with those of a partnership or sole proprietorship . While the limited liability feature is similar to that of a corporation, the availability of flow-through taxation to the members of an LLC is a feature of partnerships.

What is limited liability & how does it work?

The best explanation of limited liability is simply that you risk only that which you put into your business. Your personal possessions or fortune are not liable for creditors’ claims against the company. Limited liability helps someone run a business without putting their personal treasures at risk in case the business goes under.

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