Answer and Explanation:
Corporations are not the only type of organizations where the owners share limited liability. Also, we could consider a Limited Liability Partnership (LLP) and a Limited Liability Company (LLC).
In Limited Liability Partnerships (LLPs) each partner is liable proportionally to what the partner contributes in the partnership. It implies that in front of debts, the partners' assets are not taken as part of the payment.
Limited Liability Companies (LLCs) represent corporate structures where owners are not personally liable for the corporations' debts like in LLPs. However, LLPs allow bigger corporations to be part of the organization except for banks and insurances.
