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Limited Liability Company to Limited Liability Company Form

Limited Liability Company to Limited Liability Company Form

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less recession on limited liability and unlimited liability we start first with unlimited liability so unlimited liability applies to an incorporated businesses such as sole traders or partnerships and they will have unlimited liability on our easiest way to remember it this is where the owner and the business is the same legal entity it's the same thing the owner and the business is the same thing therefore the owner is responsible for all the debts the business incurs because they're the same thing an example the business fails with two hundred thousand pounds worth of debt to the bank the owner's personal assets such as their house or their car are now liable they could be taking they are at risk so therefore having unlimited liability is a disadvantage it's a con of being an unincorporated business such as a sole trader or a partnership now moving on to limited liability limited liability is for incorporated businesses incorporated businesses such as

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