a legal responsibility. That means the owner that has to pay all the businesses debts. it also means that if someone brings a lawsuit against the business and wins, the owner has to pay.
What is liability
300
a government document permitting a corporation to organize
What is charter
400
a group of people elected by the shareholders of a corporation to act on their behalf
What is board of directors
500
permission to sell a company's goods or services in a specific location in exchange for a sum of money