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Peggy is shown two rows of buttons. Each row has five buttons in it, but one is spread out much longer. Even though Peggy can count five buttons in each row, she insists the row with the buttons spread out "has more." No matter how you ask, she insists that the "longer" row "has more." She is demonstrating:
Liability
The legal responsibility for one's actions or omissions, which may involve an obligation to pay damages or perform a specific duty.
Operating Agreement
A legal document that outlines the governing structure and operating guidelines of an LLC including the rights and responsibilities of its members.
Dissolution
The process of formally closing or ending a legal entity, such as a corporation or partnership.
Limited Liability Company
An entity where owners are not personally liable for company debts, offering flexibility in management and benefits of pass-through taxation.
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