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Yes it correct to use the approximate terminology is to be used in Business law. The business organisations can be formed by various methods like proprietor, partnership, LLC, S corporation, L Corporation, etc. The liability is different in each form of organisation. In the case of Proprietorship, the liability will be on the owner. In the case of partnership the liability shared to partners. But in the case of LLC, the liability is limited to the investors. Hence it is limited liability to the owners in LLC, but unlimited liability in case of proprietors and partners
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