One of the main reasons business owners set up corporations and limited liability companies is to shield their personal assets from debts and other liabilities incurred by the business.Corporations and LLCs exist as separate legal entities from their owners, meaning that they can acquire their own assets, enter into contracts, and take on debt. In turn, if a corporation entity is unable to pay its debt off, creditors are typically only permitted to go after the company’s assets, not the owners’ personal assets...