Difference between revisions of "Unlimited liability"

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[[Unlimited liability]] is when the single owner or partners are personally liable for debts of their [[legal entity]].
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[[Unlimited liability]] is when a single owner or partners are personally liable for debts of their [[legal entity]].
  
  

Revision as of 08:56, 21 December 2018

Unlimited liability is when a single owner or partners are personally liable for debts of their legal entity.


Definitions

According to College Accounting: A Practical Approach by Slater (13th edition)‎,

Unlimited liability. Partners may be personally liable for debts of the partnership.

Related concepts

Related coursework