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What is executive succession? Discuss the hiring of insiders versus outsiders.
Personal Liability
The legal responsibility of an individual to settle debts or legal claims using personal assets.
Limited Liability Company
A firm's structure that integrates the aspect of limited liability similar to a corporation with the pass-through tax benefit akin to that of a partnership or sole proprietorship.
Corporate Veil
A legal concept that separates the actions and liabilities of a corporation from its shareholders, protecting them from personal liability.
Syndicate
A group of individuals or firms that join together to finance a project; also called an investment group.
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