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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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Tips for Trying to Fix a Clogged or "Frozen" Home Equity Line: For years, homeowners have turned to home equity lines of credit (HELOCs) as a way to borrow against their home's value to pay for college tuition, home improvements, medical bills and other major expenses. (A home's equity is the market value minus what is owed on the mortgage. If you owe $100,000 on your mortgage but your home is worth $250,000, your equity is $150,000.) More...

Am I not destroying my enemies when I make friends of them? - Abraham Lincoln (1809-1865)

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