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You are asked to provide two friends who are in business together with advice regarding what they need to do to legally in order to form a limited liability company. Although your friends like the general notion of limited liability in the operation of their business, they are totally unfamiliar with the legal processes for forming a LLC, so you need to provide them with the basic requirements for LLC creation. What specific advice would you give them?
Confidential Information
Sensitive data that is protected from unauthorized access, use, or disclosure, often in a business context.
Duty of Care
Refers to the legal obligation to exercise a reasonable level of attention and caution to avoid harm to others.
Architects' Skill
The professional expertise and competency that an architect is expected to exhibit in the planning, design, and oversight of a building's construction.
Tort Liability
Legal responsibility arising from civil wrongs not based on contractual obligations but causing harm or loss to another person.
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