What are the major types of business liabilities?

Business liabilities are a type of financial obligation or debt a business has to another party. In Florida, there are three major types of business liabilities that businesses must be aware of. The first type of liability is contractual. This type of liability is created when parties enter into a legal agreement or contract. In Florida, a contract can be verbal or in writing and requires all parties to meet the conditions laid out in the agreement or face financial responsibility. The second type of liability is tort. This type of liability is based on negligence and other situations where a party is found responsible for an action that caused harm to another person or their property. In some cases, a business may be legally responsible to pay damages to the injured party even if they did not have an intention to harm them. The third type of liability is statutory. This type of liability is created by statutes or laws passed by the state of Florida or other governing bodies. Businesses must follow statutory liabilities to the letter or face fines or other penalties. These three types of liabilities are important for businesses in Florida to understand so they can protect themselves from possible legal issues in the future. Businesses should also be sure to consult an attorney to ensure they are in compliance with the state’s laws and regulations.

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What are the major types of business liabilities?

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