A limited legal responsibility firm is a company construction within the United States whereby the company members usually are not personally responsible for the company’s debts or liabilities. Limited legal responsibility is a kind of liability that does not exceed the amount invested in a partnership or restricted legal responsibility firm.
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There is not any legal separation between the business and the owner; the tax and legal liabilities of the business are thus that of the owner. It can be necessary to determine the authorized construction of the business.