Why it is said that the liability of partners is unlimited and joint ?
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Different types of businesses and business interests hold different levels of liability when it comes to debts and obligations. Owners of sole proprietorship businesses and general partnerships may be subject to unlimited liability, meaning they hold responsibility for all, or a certain percentage of, debts and obligations of their businesses. Corporation shareholders and members of limited liability businesses, however, only assume responsibility for the debts and obligations of their organization to the extent of their investments
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