unlimited liability company
Definition
Private firm (such as a sole proprietorship or general partnership) whose owner(s), partners, or stockholders accept personal and unlimited liability for its debts and obligations in return for avoiding double taxation of a limited company. Unlimited liability firms are exempt from filing their annual accounts with a public authority (such as Registrar Of Companies) unless they are subsidiaries of limited liability holding companies. Also called unlimited company.
unlimited liability company is in the Corporate, Commercial, & General Law and Entrepreneurship, Management, & Leadership subjects.
unlimited liability company appears in the definitions of the following terms: unlimited company and unlimited liability
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