difference between limited and unlimited liability
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Unlimited liability means that the business owner or owners are personally responsible for all of the debts of the business, no matter what the value. The main difference between unlimited and limited liability is the level of risk that a business is willing to take.
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Limited liability means the business owners' liability for debts is restricted to the amount they put into the business. With unlimited liability, the business owner is personally responsible for any loss the business makes.
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