the maximum amount a person participating in a business can lose or be charged in
case of claims against the company or its bankruptcy. A stockholder in a corporation
can only lose his/her investment, and a limited partner can only lose his/her investment,
but a general partner can be responsible for all the debts of the partnership. Parties
to a contract can limit the amount each might owe the other, but cannot contract
away the rights of a third party to make a claim.
See also corporation limited partnership liquidated damages partnership shareholder
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