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Personal Assets
Assets owned by an individual as opposed to assets owned by businesses or corporations, including properties, account balances, and personal belongings.
Unlimited Liability
A legal structure in which the business owner's personal assets can be used to satisfy the business debts and liabilities.
Mutual Agency
A principle of partnership where each partner has the authority to bind the partnership in contractual agreements.
Ease of Formation
Refers to the simplicity and straightforwardness involved in establishing a new business or organization.
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