Unlimited liability refers to the responsibility of business owners for all the debts of the business.

Name: Unlimited liability refers to the responsibility of business owners for all the debts of the business.
Brand: Quizplus
Rating: 4.9 (37 reviews)

Question

Quizplus · Accepted Answer

With unlimited liability, business owners are personally responsible for all the debts and losses of the business. This means that their personal assets, such as their home or savings, can be seized to pay off business debts.

Unlimited Liability Refers to the Responsibility of Business Owners for All