Examlex
Hidden lines in multiple removed sections are omitted for clarity.
Unlimited Liability
The liability of the sole proprietor or the partners for all debts incurred by the business to the extent of their personal resources.
Sole Proprietorship
A business owned and operated by a single individual, where there is no legal distinction between the owner and the business entity.
Incorporated
A legal process whereby a business entity is formed as a distinct legal entity, separate from its owners, with its own rights and liabilities.
Principal
The main party to a transaction or contract who has a primary interest and authority in the context considered.
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