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Instructions: Identify the Terms and Briefly State Their Historical Significance

question 111

Essay

Instructions: Identify the terms and briefly state their historical significance.
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Definitions:

Limited Liability

A legal structure that protects company owners' personal assets from business debts and liabilities.

Legal and Administrative Costs

Expenses incurred by a business for legal services and administrative operations.

Sole Proprietorships

A business structure where a single individual owns and operates the entity, bearing all responsibilities and privileges.

Partnerships

A legitimate business setup where two or more partners manage the company and share its earnings.

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