Mention two forms of business organisation where the liability of its owners is unlimited?
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THERE ARE 4 MAIN TYPES OF BUSINESS ORGANIZATION: SOLE PROPRIETORSHIP, PARTNERSHIP, CORPORATION, AND LIMITED LIABILITY COMPANY, OR LLC. BELOW, WE GIVE AN EXPLANATION OF EACH OF THESE AND HOW THEY ARE USED IN THE SCOPE OF BUSINESS LAW.
UNLIMITED LIABILITY REFERS TO THE FULL LEGAL RESPONSIBILITY THAT BUSINESS OWNERS AND PARTNERS ASSUME FOR ALL BUSINESS DEBTS. THIS LIABILITY IS NOT CAPPED, AND OBLIGATIONS CAN BE PAID THROUGH THE SEIZURE AND SALE OF OWNERS' PERSONAL ASSETS, WHICH IS DIFFERENT THAN THE POPULAR LIMITED LIABILITY BUSINESS STRUCTURE.
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