Question

What is unlimited liability?

Answer 1

Unlimited liability is the obligation of paying off the firm’s debt if it goes into a loss by the owners or partners.

In unlimited liability, if the owner or partners are not able to or willing to pay the debt, there assets can be seized and used to pay off the debts of the firm.

This type of liability of company is assumed in cases of sole proprietorship and partnership.

Answer 2

Answer:

➡️An unlimited liability corporation is a Canadian corporation designation, wherein shareholders are liable up to unlimited amounts for any liability, act or default of the corporation. By comparison, in most corporations, shareholders are not usually liable due to a limited liability

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