Like the shareholders of a corporation, the owners of a limited liability company are liable for the obligations of the firm to the full limit.

Question

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The whole point of a limited liability company (LLC) is to limit the personal liability of the owners (also called members). Unlike in a traditional partnership, where the partners are jointly and severally liable for the debts of the partnership, the liability of LLC members is generally limited to the amount of their investment in the company. Therefore, they are not liable for obligations of the firm beyond that limit (hence, the name "limited liability").

Like the Shareholders of a Corporation, the Owners of a Limited