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  • Created by: kc
  • Created on: 12-10-17 09:38
Explanation of Unlimited Liability
unlimited liability is where the owner of the business is liable for all the debts of the business. It means that personal assets can be seized to pay of the businesses debts, meaning that the owner could lose everything.
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Explanation of Limited Liability
Limited liability is where the owner of the business is only liable for the amount that they have invested into the business and their personal belongings can't be used payment for their debts.
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Characteristics of an Unincorporated Business
unincorporated businesses are sole traders and partnerships.
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Other cards in this set

Card 2

Front

Explanation of Limited Liability

Back

Limited liability is where the owner of the business is only liable for the amount that they have invested into the business and their personal belongings can't be used payment for their debts.

Card 3

Front

Characteristics of an Unincorporated Business

Back

Preview of the front of card 3

Card 4

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Back

Preview of the front of card 4

Card 5

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Back

Preview of the front of card 5

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