unlimited liability
Definition
Indefinite extent of liability to pay a firm's debts or obligations, extending beyond the investments of the firm's owner(s), partners, or shareholder(s) to their personal assets. This extent of liability is assumed in an unlimited liability company such as a sole-proprietorship or a general partnership.
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unlimited liability is in the Banking, Commerce & Finance, Corporate, Commercial, & General Law and Entrepreneurship, Management, & Leadership subjects.
unlimited liability appears in the definitions of the following terms: joint stock company and unlimited liability company
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