what is unlimited liability?
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i have a business project and i want know was is unlimited liability?
1226 views
updated Sep 2, 2010
posted by lilidesant
2 Answers
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You might wish to contrast it to a limited liabilty partnership (LLP) or association.
updated Sep 2, 2010
edited by 0074b507
posted by 0074b507
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In law, it means that you are liable (responsible) personally and professionally for all debts of the business. If you business fails you will be held personally liable (responsible) for paying any and all debts accumulated by the business.
updated Sep 2, 2010
posted by --Mariana--
