What is unlimited liability?

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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.

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Asked 9/19/2008 9:50:25 AM

Updated 4/28/2016 6:58:25 PM

1 Answer/Comment

Flagged by emdjay23 [4/28/2016 5:12:16 PM], Unflagged by yumdrea [4/28/2016 6:58:24 PM], Edited by yumdrea [4/28/2016 6:58:25 PM]

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emdjay23

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.

Added 4/28/2016 5:12:15 PM

This answer has been confirmed as correct and helpful.

Confirmed by yumdrea [4/28/2016 6:58:26 PM]

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