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Inside a freely-falling elevator your
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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