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Owners of stock in corporations (both publicly and privately held) have what is called "Limited Liability," which means that the owner is only liable up to the amount that he has invested into the business. In the event of litigation or liquidation, the corporation itself is considered the liable entity, not the owners. The exception is that in certain circumstances when an owner or manager has deliberately acted in a deceptive manner, the "corporate veil" can be pierced and the individual can be held liable.

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Q: Who is held liable in a public corporation?
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