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Limited Partner
An investor in a partnership who is not involved in day-to-day management and whose liability is limited to the amount of their investment.
Constructive Notice
Legal assumption that a person is aware of something because it has been publicly recorded or made available, even if the person has not actually been notified.
Defective Filing
A situation where documents submitted to a court or regulatory body are incorrect, incomplete, or in violation of required protocols, potentially leading to rejection or legal issues.
LLC
Limited Liability Company, a business structure in the United States that offers personal liability protection and pass-through taxation to its owners.
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