Limited personal liability

{
  "id": "MLC-T-LAW-003059",
  "term": "Limited personal liability",
  "field": "Law",
  "definition": "A legal principle that restricts an individual's financial responsibility for the debts or obligations of a business entity to the amount of their investment in that entity. This protection means that personal assets, such as homes or savings, are generally shielded from business creditors. It is a defining characteristic of corporations, limited liability companies, and limited partnerships.",
  "url": "https://mlchart.com/terminology/law/limited-personal-liability/"
}