Podcast
Questions and Answers
What type of liability do partners in a partnership have?
What type of liability do partners in a partnership have?
Unlimited liability
What is the meaning of unlimited liability?
What is the meaning of unlimited liability?
Partners are personally responsible for all debts and liabilities of the partnership, even if it means selling their personal assets.
What is the main advantage of limited liability over unlimited liability for business owners?
What is the main advantage of limited liability over unlimited liability for business owners?
Limited liability protects personal assets of business owners from being used to pay off business debts.
