What is unlimited liability?

Question

What is unlimited liability?

Answer 1

It means you are personally and professionally liable and your house and bank accounts can be seized.

Answer 2

If you need to ask that, you need to hire a business manager or go back to school.

Answer 3

If you own or co-own a business, the debt and bankrupcy of the business affects your personal finances. Your business is tied to your personal finances.

whilst the limited liability mean the business finances are seperate from your personal finance. If the business goes bankrupt, the owner is not obligated to sell his personal assets to pay for the business debt.