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Many businesses are operated by way of a separate entity corresponding to a corporation or a partnership . Most legal jurisdictions enable folks to arrange such an entity by filing certain charter paperwork with the related Secretary of State or equal and complyin g with certain other ongoing obligations. The relationships and legal rights of shareholders, restricted partners, or members are ruled partly by the charter paperwork and partly by the legislation of the jurisdiction where the entity is organized. Generally talking, shareholders in a corporation, limited partners in a restricted partnership, and members in a restricted legal responsibility firm are shielded from personal legal responsibility for the debts and obligations of the entity, which is legally treated as a separate "particular person". This signifies that except there's misconduct, the proprietor's personal possessions are strongly protected in legislation if the business doesn't succeed. Lim...