Business
Many companies are operated by way of a separate entity such as an organization or a partnership . Most authorized jurisdictions enable people to prepare such an entity by filing sure charter documents with the relevant Secretary of State or equivalent and complying with sure other ongoing obligations. The relationships and authorized rights of shareholders, restricted partners, or members are ruled partly by the charter documents and partly by the regulation of the jurisdiction where the entity is organized. Generally talking, shareholders in a company, restricted partners in a restricted partnership, and members in a limited legal responsibilit y company are shielded from private liability for the debts and obligations of the entity, which is legally treated as a separate "person". This means that unless there could be misconduct, the proprietor's personal possessions are strongly protected in legislation if the business does not succeed. Limited liability companies