Explain the following terms/concept:Unlimited Liability

Question

Explain the following terms/concept:Unlimited Liability

Explain the following terms/concept:

Unlimited Liability

Monjur Alahi

4 views

2025-01-04 04:42

1 Answers

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Salim Ahmed Kawsar · Accepted Answer · 2023-02-05T15:29:48+06:00

1. It means that there is no distinction made between personal property and business property of a person. It further means that if business assets are not sufficient to pay off liabilities of a business than personal property of a person holding business will be attached to business property.

2. Sole trader in case of sole trading concern, partners in case of partnership firm, Karta in case of Joint Hindu Family Business, has unlimited liabilities.