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Did you mean to post this to APM? See BT Notes Chapter 1, Section 3.
With limited liability partnerships and limited companies, if the organisation hits hard times and has to go into liquidation, the owners of the organisation are protected. Creditors and banks can pursue only the assets which are in the company and the owners’ liability, but not the organisation’s, is
limited and protected. In contrast, sole traders and partners have unlimited liability for all the business’s debts.
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