Business
Many businesses are operated via a separate entity similar to an organization or a partnership . Most legal jurisdictions permit individuals to prepare such an entity by filing certain charter paperwork with the related Secretary of State or equivalent and complying with sure different ongoing obligations. The relationships and authorized rights of shareholders, restricted companions, or members are ruled partly by the charter documents and partly by the legislation of the jurisdiction where the entity is organized. Generally speaking, shareholders in an organization, restricted companions in a limited partnership, and members in a limited liability firm are shielded from personal legal responsibility for the debts and obligations of the entity, which is legally handled as a separate "individual". This implies that until there is misconduct, the owner's own possessions are strongly protected in legislation if the business does not succeed. Limited legal responsibility