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Limited Liability Partnership
A partnership where some or all partners have limited liabilities, protecting individual partners from debts against the partnership.
Fraud
A deliberate deception made for personal gain or to damage another individual.
Personally Liable
Being personally liable means an individual is legally responsible for fulfilling the obligations of a debt or liability, potentially using personal assets for repayment.
Income Tax-Paying Entity
An individual or organization required to pay taxes to a governmental authority on the income it earns.
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