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What Is Limited Liability?

Limited liability refers to the protection of personal assets from business debts. For example, if your company went bankrupt, you would lose your business assets but your personal assets would still be off limits, barring evidence of fraud or other illegal activity.

Maintaining limited liability status requires you and your business to stay compliant and to create a clear separation between personal and business assets--this includes keeping different bank accounts and signing business contracts as the business entity.