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2. Limited liability partnership - Wikipedia

   en.wikipedia.org/wiki/Limited_liability_partnership

   Limited liability partnerships emerged in the early 1990s: while only two states allowed LLPs in 1992, over forty had adopted LLP statutes by the time LLPs were added to the Uniform Partnership Act in 1996. [23] The limited liability partnership was formed in the aftermath of the collapse of real estate and energy prices in Texas in the 1980s.

3. Joint and several liability - Wikipedia

   en.wikipedia.org/wiki/Joint_and_several_liability

   If parties have joint liability, each of them is liable up to the full amount of the relevant obligation. Example: Alex and Bobbie are married. Together they take a loan from a bank and the loan agreement specifies that they are to be jointly liable for the full amount. Alex moves overseas and ceases to make payments.

4. Law of agency - Wikipedia

   en.wikipedia.org/wiki/Law_of_agency

   The law of agency is an area of commercial law dealing with a set of contractual, quasi-contractual and non-contractual fiduciary relationships that involve a person, called the agent, who is authorized to act on behalf of another (called the principal) to create legal relations with a third party. [1]

5. Legal liability - Wikipedia

   en.wikipedia.org/wiki/Legal_liability

   A limited liability form separates the owner(s) from the business. The limited liability form essentially acts as a corporate veil that protects owners from liabilities of the business. [2] This means that when a business is found liable in a case, the owners are not themselves liable; rather, the business is.

6. Principal (commercial law) - Wikipedia

   en.wikipedia.org/wiki/Principal_(commercial_law)

   [4] In a real estate transaction, this could be any "major party to a transaction, such as a seller or purchaser of property," who wishes to remain anonymous. [5] Some taxing authorities have created rules regarding tax liability for actions of an undisclosed principal. [6] The undisclosed agency may also affect tort liability. [7]

7. Indemnity - Wikipedia

   en.wikipedia.org/wiki/Indemnity

   For example, in California indemnification clauses do not cover certain risks unless the risks are listed in the contract, but in New York, the brief clause, "X shall defend and indemnify Y for all claims arising from the Product" makes X responsible for all claims against Y. [13] Indemnity can be extremely costly since X's liability insurance ...