What are the business with unlimited life and limited liability?

Businesses with unlimited life and limited liability are typically corporations, particularly those structured as C corporations or S corporations. In these entities, the corporation continues to exist independently of its owners, allowing for perpetual existence even if shareholders change or pass away. Limited liability protects shareholders from being personally responsible for the corporation's debts and obligations, meaning they risk only their investment in the company. This structure encourages investment and growth while safeguarding individual assets.