If the personal assets of the owners cannot be claimed if the business is bankrupt, the owners are said to have

Question

Quizplus · Accepted Answer

Limited liability means that the personal assets of the owners are not at risk if the business fails. This is in contrast to unlimited liability, where the owners are personally responsible for the debts of the business, as in a proprietorship or certain types of partnerships.

If the Personal Assets of the Owners Cannot Be Claimed