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What is meaning of unlimited liability …

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What is meaning of unlimited liability ?

Posted by Baby Mishra 6 years, 8 months ago

CBSE > Class 11 > Business Studies

2 answers

Gaurav Seth 6 years, 8 months ago

Unlimited liability, which typically exists in general partnerships and sole proprietorships, indicates that whatever debt accrues within a business – whether the company is unable to repay or defaults on its debt – each of the business’ owners is equally responsible and personal wealth could reasonably be seized to cover the balance owed.

Yogita Ingle 6 years, 8 months ago

Unlimited liability refers to the legal obligations general partners and sole proprietors because they are liable for all business debts if the business can’t pay its liabilities. In other words, general partners and sole proprietors are responsible for paying off all of the company debts personally if the company can’t make its payments.

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