A business that is a legal entity separate from the owners, yet treated as a legal person, is called a limited liability company
What is a limited liability company?
A limited liability company or a corporation is a company whereby the liabilities of owners is limited to the amount invested or used in purchasing the shares of the business
In the event of liquidation, where the company's liabilities outweigh its assets, the shareholders would not be required to settle remaining debts by using their personal assets since the business is separate entity different from its owners
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