unlimited liability

A liability to pay all the debts incurred by a business. For a sole proprietor or general partner, liability is not limited to the amount he or she has agreed to invest. All debts of the business must not only be paid out of the assets of the business but also, if necessary, out of personal assets.

Accounting dictionary. 2014.

Look at other dictionaries:

  • unlimited liability — Full liability for the debt and other obligations of a legal entity. The general partners of a partnership have unlimited liability. Bloomberg Financial Dictionary When a promoter is fully liable for the debts of the business, it is called… …   Financial and business terms

  • Unlimited liability — Full liability for the debt and other obligations of a legal entity. The general partners of a partnership have unlimited liability. The New York Times Financial Glossary * * * unlimited liability unlimited liability ➔ liability * * *    Where no …   Financial and business terms

  • Unlimited Liability — A type of business where owners share joint and several responsibility for the entire amount of debt and other liabilities amassed by the business. Unlimited liability is not capped at a maximum amount and exists regardless of the amount of… …   Investment dictionary

  • unlimited liability — A liability to pay all the debts incurred by a business. For a sole proprietor or general partner (see partnership), liability is not limited to the amount he or she has agreed to invest. All debts of the business must not only be paid out of the …   Big dictionary of business and management

  • unlimited liability — full legal responsibility, total liability …   English contemporary dictionary

  • unlimited liability — /ʌnˌlɪmɪtɪd laɪə bɪlɪti/ noun a situation where a sole trader or each partner is responsible for all a firm’s debts with no limit on the amount each may have to pay …   Marketing dictionary in english

  • unlimited liability — /ʌnˌlɪmɪtɪd ˌlaɪə bɪlɪti/ noun a situation where a sole trader or each partner is responsible for all a firm’s debts with no limit on the amount each may have to pay …   Dictionary of banking and finance

  • unlimited liability — Fin full responsibility for the obligations of a general partnership …   The ultimate business dictionary

  • Unlimited liability corporation — Unlimited Liability Corporations exist in two of Canada s 10 provinces Alberta (AULCs for Alberta Unlimited Liability Corporation) and Nova Scotia (NSULCs for Nova Scotia Unlimited Liability Company). Alberta Unlimited Liability Corporations… …   Wikipedia

  • Unlimited Liability Corporation - ULC — A corporate structure that permits a company to be incorporated and flow all profits and losses to shareholders. An unlimited liability corporation (ULC) shelters shareholders from liability in most circumstances except upon liquidation of the… …   Investment dictionary

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