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6 January, 11:01

Which of the following types of liability does a limited partner of a limited partnership have for the debts and obligations of the limited partnerships?

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  1. 6 January, 14:02
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    Answer: Unlimited personal Liability

    Explanation:

    Unlimited liability refers to the legal obligations general partners and sole proprietors because they are liable for all business debts if the business can't pay its liabilities. In other words, general partners and sole proprietors are responsible for paying off all of the company debts personally if the company can't make its payments.

    In this sense, the business owners are unlimitedly liable for all the business actions. The difference between limited and unlimited liability is significant for business owners. Limited liability means you don't face much personal financial risk for debts of your business. Unlimited liability means you are exposed to potential losses based on company obligations.
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