Unlimited Liability Means ___________.

(Correct Answer Below)

Reveal the answer to this question whenever you are ready.

Unlimited Liability Means ___________.

the business is responsible for the debt it incurs, and filing bankruptcy is out of the question the business is responsible for the debt it incurs. If the business cannot pay its bills, the debt burden transfers to the owner(s), and he/she/they are liable for all debt the business is responsible for the debt. If the business cannot pay, the company files bankruptcy. The debt does not fall on the shoulders of individual owners. They are safe from the liability a concept that is reserved for corporations. Corporations are set up to realize unlimited liability of expenses
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the business is responsible for the debt it incurs. If the business cannot pay its bills, the debt burden transfers to the owner(s), and he/she/they are liable for all debt

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