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Entrepreneurs' ability to use business assets for personal expenses depends on the legal structure of their business.
Entrepreneurs who run a business as a sole proprietorship or partnership are personally liable for any business debts or damages. This means they can be held accountable for business-related obligations using their personal assets.
On the other hand, in a corporation, shareholders are typically protected by the corporate structure, shielding their personal assets from business liabilities. This legal protection is one of the main advantages of incorporating a business.
Therefore, an entrepreneur's ability to use their business assets for personal expenses depends on the legal structure of the business they operate.
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