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unlimited liability

   Also found in: Dictionary/thesaurus, Legal, Financial, Encyclopedia, Wikipedia 0.03 sec.

unlimited liability

Full responsibility of an individual or business organization for paying any debts incurred in a business activity. This contrasts with limited liability where the owners or shareholders of a limited liability business are only liable for the value of their shareholding in the company if it goes bankrupt. Sole proprietorships and most partnerships have unlimited liability.



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