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General companions in a partnership (other than a limited legal responsibility partnership), plus anybody who personally owns and operates a enterprise with out creating a separate legal entity, are personally answerable for the debts and obligations of the enterprise.
A parent firm is a company that owns enough voting inventory in another firm to control management and operations by influencing or electing its board of directors; the second firm being deemed as a subsidiary of the father or mother firm. The definition of a parent firm differs by jurisdiction, with the definition usually being outlined by way of laws coping with corporations in that jurisdiction.
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