Unlimited liability

From CNM Wiki
Revision as of 14:53, 5 January 2019 by Gary (talk | contribs) (Related coursework)
(diff) ← Older revision | Latest revision (diff) | Newer revision → (diff)
Jump to: navigation, search

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 lectures