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Unlimited liability

• The condition imposed by a sole proprietorship (or general partnership) allowing the owner's total wealth to be taken to satisfy creditors.

• Full liability for the debt and other obligations of a legal entity. The general partners of a partnership have unlimited liability.

 
 Embedded terms in definition
 Debt
General partnership
General partner
Liability
Limited liability
Partnership
Sole proprietorship
 
 Related Terms
 Asset and liability management
Contingent pension liability
Liability
Liability funding strategies
Liability swap
Limited liability
Limited liability instrument
Unlimited funds

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Having once decided to achieve a certain task, achieve it at all costs of tedium and distaste. The gain in self-confidence of having accomplished a tiresome labor is immense. Thomas Arnold Bennett

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