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Setting up a business as a limited liability company (LLC) can protect the business owner's personal assets from being claimed by business creditors. An LLC creates a shield between business ...
However, limited liability for shareholders for torts (or harms that have not been agreed to in advance) is controversial because of concerns that such limited liability could lead to excessive risk-taking by companies and more negative externalities (i.e., more harm to third parties) than would be produced in the absence of limited liability.
It is a business structure that can combine the pass-through taxation of a partnership or sole proprietorship with the limited liability of a corporation. [1] An LLC is not a corporation under the laws of every state; it is a legal form of a company that provides limited liability to its
Professional liability insurance coverage usually does not include defamation (libel and slander), breach of contract, breach of warranty, intellectual property, personal injury, security, [clarification needed] and cost of contract. [clarification needed] Coverage can often be added to provide indemnity "for any civil liability".
Vicarious liability is a form of a strict, secondary liability that arises under the common law doctrine of agency, respondeat superior, the responsibility of the superior for the acts of their subordinate or, in a broader sense, the responsibility of any third party that had the "right, ability, or duty to control" the activities of a violator.
A travel insurance policy which covers curtailment due to the death or illness of a member of the policy-holder's "immediate family" uses a wide definition but adds residential requirements: "Immediate Family is your Partner, and: parents, children, stepchildren, fostered or adopted children, brothers, sisters, aunts, uncles, cousins, nephews ...
An LLLP is a limited partnership, and it consists of one or more general partners who are liable for the obligations of the entity, as well as or more protected-liability limited partners. [1] Typically, general partners manage the LLLP, while the limited partners' interest is purely financial.
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