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I remember in high school when our business studies teacher first explained the difference between a private company, a partnership, and a close corporation. I immediately fell in love with a private company because of its limited liability.

It made all the sense, there could be more than one owner and you don’t have to trust those people with your life, everything this entity did, based on a piece of paper and laws of the states it would be held accountable and not the owners.

You can go out there and create something separate from yourself, your life, and your family even though in most cases it bears our name and requires all our attention and money.

This is a strong building block to entrepreneurship, it allows for much greater risks and gives the entrepreneurs the ability to create something much larger than themselves, a fictional myth that is nor alive or dead.

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