Examlex
What is a level?
Personally Liable
Responsibility on an individual level for debts or legal obligations, rather than through an intermediary like a corporation or LLC.
Partnership
An authorized business setup where multiple individuals participate in management and equally divide profits.
Profits
Financial gains obtained after deducting the costs, expenses, and taxes associated with doing business or an economic activity.
Sole Proprietorship
A business structure where a single individual owns and operates the business, personally responsible for all debts and legal actions.
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