Such an owner is personally responsible for every debt the business ru…

Question

Such an owner is personally responsible for every debt the business runs up. That exposure is called:

Accepted Answer

A. Unlimited liability

1. Personal assets are at risk.
2. There is no ceiling.
3. It is unlimited liability.
_Source: OpenStax Introduction to Business, Chapter 4, Forms of Business Ownership._

Answer

Insured liability

Answer

Limited liability

Answer

Joint liability

Such an owner is personally responsible for every debt the business runs up. That exposure is called:

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