Question: Hello: ) ✨ What is the main idea behind limited liability?
Answer: the assets and debts of the business remain separate from the personal assets and debts of the company's owners. If a company goes bankrupt, creditors cannot therefore go after the owners' personal assets, just that of the business. The purpose of an LLC, or a limited liability company, is to shield the business owner from personal liability for the company's debts. Most states allow residents, individuals who live outside the state or country, other LLCs, corporations, pension plans, and trusts to serve as LLC owners.
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