If the personal assets of the owners can be claimed if the business is bankrupt,the owners are said to have

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Unlimited liability means that the owners are personally responsible for all the debts and obligations of the business, even if it means using their personal assets to pay off those debts. This is the opposite of limited liability, where the owners are only responsible for the amount of money they have invested in the business. A corporation type of business has limited liability and separation of ownership from control.

If the Personal Assets of the Owners Can Be Claimed