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Corporate shareholders can only lose the amount of their investment, in accordance with the concept of limited liability. State laws have established protection for a corporation's creditors with the concept of legal capital.
Required:
Explain how legal capital protects a corporation's creditors and discuss two different ways that legal capital can be established by a corporation.
Advance Limits
Predetermined restrictions or ceilings on the amount of funding, resources, or credit that can be allocated or extended in advance of certain conditions being met.
Escalating Commitment
The continuation of a course of action even though it is not working.
Increase Effort
Increase effort refers to actions taken to enhance the amount of work or intensity put into achieving a task or objective.
Creativity Skills
Creativity skills involve the ability to think outside the box and generate innovative ideas or solutions.
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