Business Studies, asked by PrinceRK9923, 9 months ago

Explain a meaning of unlimited liability

Answers

Answered by MoonGurl01

6

Unlimited Liability:

It is a situation in which, the shareholders (owners) of a company are responsible for all of its debts (loans, borrowing) if the company fails financially due to any circumstances.
Partners of a company (or firm or organization) have unlimited liability of a firm's debts.

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