limited/unlimited liability Flashcards
1
Q
who does unlimited liability apply to
A
unicorporated business
2
Q
examples of ppl with unlimited liability
A
sole traders
partnerships
3
Q
what is an unlimited liability
A
when the owner and the business is the same legal entity
owner responsible for all debts business occurs
4
Q
limited liability
A
incoroprated business
owner and business are different legal entities
shareholders assets not at risks
5
Q
examples of ll
A
private/public limited companies
6
Q
which
A
7
Q
A
