What is unlimited liability?

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What is unlimited liability?

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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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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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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