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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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Beware of fraud originating in phone messages and faxes: FDIC Consumer News has warned before about crooks who call or e-mail consumers and pretend to be legitimate companies or government agencies wanting people to "verify" or "resubmit" (divulge) confidential information such as bank account or credit card numbers as well as Social Security numbers, passwords and personal identification numbers. Here are variations to know about. More...

When a true genius appears in the world you may know him by this sign: that all the dunces are in confederacy against him. - Johnathan Swift

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