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Federalism can be defined as a system wherein:
Limited Liability
A legal structure that limits the financial liability of owners or shareholders of a business to the amount they've invested, protecting personal assets from business debts.
Corporation
A legal entity that is separate and distinct from its owners, who are shareholders, and offers limited liability protection to them.
Partnership
A business organization where two or more individuals manage and operate a business in accordance with the terms and objectives set out in a Partnership Deed.
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