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What is a limited liability company in regards to business law?

Good-Person

Captain Junkie
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It seems to me that a limited liability company is a form of body that tends to makes it possible for a company to hold certain kinds of assets even when the company is liable to pay the debts. This makes it hard for the creditors to gain access to the property or asset legally. What do you think? Are these entities really useful for a company that might be suffering from financial crisis?
 
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