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Many businesses are operated via a separate entity corresponding to a company or a partnership . Most authorized jurisdictions permit individuals to organize such an entity by filing certain charter documents with the relevant Secretary of State or equal and complying with certain different ongoing obligations. The relationships and authorized rights of shareholders, restricted partners, or members are governed partly by the charter documents and partly by the legislation of the jurisdiction where the entity is organized. This signifies that until there is misconduct, the owner’s own possessions are strongly protected in law if the business does not succeed. In recent a long time, states modeled some of their assets and enterprises after business enterprises.

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