Do you create a partnership? A corporation? And what kind?
When business takes a turn for the worse—the debts become unmanageable, say, or it’s hit with a punishing legal judgment—the outcome could be disastrous for your personal finances. Unless you’ve chosen a business structure to insulate you from such bad fortune.
The owners of limited liability companies, limited partnerships, and corporations are usually only liable up to the amount they invested in the business. Creditors and plaintiffs can’t go after the owners’ personal assets.
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