Examlex
Match each term with the correct definition.
-Sees the difference between
Limited Liability Corporation
A commercial setup that blends the taxation approach of a partnership or sole proprietorship, where taxes pass directly to the owners, with the limited liability protection typical of a corporation.
Liability Purposes
Considerations or actions taken to minimize legal responsibility and financial risk within an organization or personal activities.
Corporation
A legal entity recognized by law as a separate entity from its owners, characterized by limited liability, perpetual succession, and the ability to raise capital through the issuance of shares.
Partnership
A business arrangement legally recognized, where two or more partners collaborate in managing the business and splitting the profits.
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