The extent to which the owners of a business are liable for the debts of the company. The two basic liability alternatives are unlimited liability, which has no restrictions on ownership liability, and limited liability, which does have restrictions. Ownership liability is one characteristic separating legal business organizations. Proprietorships and partnerships have unlimited liability. Corporations have limited liability.

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Like most consumers, workers, and taxpayers, I engage in market exchanges for a lot of stuff -- food, labor, shelter, entertainment, confectionery products. But as I wandered through the peaceful community of Shady Valley, U. S. of A., I entered a "market" that I would have rather avoided. That's right, as the title indicates, I exchange some crime. I was mugged -- relieved of several valuable possessions -- right in front of the Shady Valley police station. I did the selling and my mugger did the "buying." While my part in the exchange was involuntary, the mugger's part was quite voluntary. In fact, the perpetrator of this crime acted much like any consumer headed to Natural Ned's Nursery and Garden Center in search of a creeping juniper. Let's see why?
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Today, you are likely to spend a great deal of time at a flea market trying to buy either arch supports for your shoes or an AC adapter that works with your MPG player. Be on the lookout for letters from the Internal Revenue Service.
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This isn't me! What am I?

-- John Wayne, actor

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