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Frequently Asked Questions: Business Law

Do I need to be “incorporated?”

Many people running small businesses ask this exact question, but what they are truly asking is whether they should set up the business as a separate entity in order to limit their personal liability.  In all almost all cases, a business should be set up as either a limited liability company or a corporation.  This primarily accomplishes two things: (1) limiting the personal liability of the owners of the business and (2) defining the relationship between the owners of the business.

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