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Final answer:
Limited liability shields personal assets of business owners from debts and liabilities, prevalent in corporations. Vicarious liability may attribute the actions of employees to a corporation, holding it accountable.
Explanation:
Limited liability in the context of businesses refers to the protection of personal assets of owners from business debts or liabilities. For example, in a corporation, shareholders are not personally liable beyond their investment in the company.
In contrast, a sole proprietorship or partnership does not provide limited liability, exposing owners to personal asset loss in case of business debts or legal issues. The concept of vicarious liability may hold a corporation accountable for the actions of its employees or agents.
Learn more about Limited liability in business here:
https://brainly.com/question/28364825
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