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Question | Answer |
---|---|
what is the liability of a sole trader | unlimited |
what is the liability of a partnership | unlimited |
what is the liability of a PLC | limited |
what is limited liability (PLC) | The meaning of this term is that when a business stops generating profit and goes bankrupt, the owner(s) of the business will |
what is unlimited liability (sole traders/partnership) | The meaning of this term is that when a business stops generating profit and goes bankrupt, the owner(s) of the business will loose his or her personal assets along with her business (eg holiday home) |