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Explain unlimited liability in sole trade

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Explain unlimited liability in sole trade

Posted by Gaurav Sharma 3 years, 2 months ago

CBSE > Class 11 > Business Studies

1 answers

Cheme Lhamo 3 years, 1 month ago

Unlimited liability means if the business incurs loss or is under debt and the business has insufficient asset to repay the debt, then the person who is the owner must repay the debt by selling his own personal asset. Sole proprietorship has unlimited liability.

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CBSE > Class 11 > Business Studies