what is unlimited liability
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Unlimited liability refers to the legal obligations general partners and sole proprietors because they are liable for all business debts if the business can't pay its liabilities.
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All of the partners in a general partnership have unlimited liability, which means that the partners are equally responsible for the entire debts of the business. A sole proprietorship business is owned by one individual, who is personally responsible for any debts or obligations incurred through the business affairs.
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