Why is unlimited liability A disadvantage of a sole proprietorship quizlet?
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Mathematics with Business Applications6th EditionMcGraw-Hill Education 3,760 solutions Business Math17th EditionMary Hansen 3,644 solutions Why is unlimited liability A disadvantage of a sole proprietorship and partnership?Sole proprietors and partners have unlimited liability. The unlimited liability means that if you're unable to repay the debts of the business, your creditors can go after whatever you own.
Why is unlimited liability a disadvantage?Disadvantages of Unlimited Liability
Unlimited liability makes the owners legally responsible for all the debts and liabilities of the business. In a business with unlimited liability, both the business and personal assets of the owners may be at risk.
Why is unlimited liability a disadvantage for a business owner quizlet?Unlimited liability means that a business owner has complete legal responsibility for all debts and damages arising from doing business. When this happens it is a major disadvantage for the owner because they may have personal assets, such as houses, cars, and jewelry, seized to pay off their debts.
Why is liability The biggest disadvantage of a sole proprietorship quizlet?Why is liability the biggest disadvantage of a sole proprietorship? The owner could lose personal property if the business fails.
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