liability Flashcards
(4 cards)
1
Q
what is a limited liability
A
when the business owner and the business are seen as two different entities
2
Q
what is an unlimited liability
A
when the business and the business owner are seen as the same entity
3
Q
what businesses have limited liability
A
private limited company, public limited company
4
Q
what businesses have unlimited liability
A
sole trader, partnership
