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Limited Liability to Shareholders Limited Liability of Shareholders Billy v. Consolidated Mach.Too l. Corp., 51 N.Y.2d 152, 412 N.E.2d 934, 432 N.Y.S2d 879, Web 1980 N.Y. Lexis 2638; Limited Liability of Shareholders 16.1, at page 305 (Court of Appeals of New York) A corporation is a legal entity created according to statutory requirements and ranges.