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Accounting for Non-Accountants, 10th Edition by David Horner

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14

An introduction to limited companies

Introduction

As countries began to industrialize during the 18th and 19th centuries, business ventures generally expanded in size owing to increasing reliance on mechanized forms of production. This led to an increased need for capital in order to finance these operations. Potential investors in these business ventures would have been reluctant to risk much of an investment because the owners of such enterprises faced unlimited liability. This meant that owners of businesses would not only lose their original investment in the business but might also have to resort to selling off their own resources not used within the business in order to settle any outstanding debts that the business had incurred if ...

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