Examlex
The transformation process is as relevant to service organizations as it is to those in manufacturing.
Personally Liable
Being directly responsible for an obligation or debt, where one's personal assets can be used to satisfy the liability.
Unlimited Liability
A type of business ownership where the owners are personally responsible for all of the debts of the business, with no limit to this liability.
Limited Liability Company
A business structure in the United States that provides its owners with limited liability while allowing the benefits of pass-through taxation.
Guarantees Payment
Refers to the assurance provided by one party to another that payment will be made according to the agreed terms and conditions.
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