Examlex
Identify and give the historical significance of each of the following terms, events, and people in a paragraph or two.
-Mexican Cession
Corporations
Legal entities separate from their owners, providing protection against personal liability, but subject to corporate taxes.
Firms
Organizations or business entities engaged in commercial, professional, or industrial activities, aiming to generate profits by providing goods or services.
Proprietorships
Proprietorships, or sole proprietorships, are businesses owned and operated by a single individual, with no legal distinction between the owner and the business entity.
Limited Liability
The liability of the owners of a corporation is limited to the value of the shares in the firm that they own.
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