A general partner is a member of a partnership who has unlimited liability for the partnership's debts and obligations, actively managing and operating the business.
A form of business organization that combines features of a corporation and a partnership. Under U.S. law, joint stock companies are recognized as corporations, but with unlimited liability for their stockholders.
A sole proprietorship is a business or financial venture that is carried on by a single individual and is not organized as a trust or corporation. The sole owner has unlimited liability and reports income and expenses on Schedule C of Form 1040.
An unlimited company is a type of company where its members have unlimited liability. This means that in case of liquidation, members are required to cover all the company's debts using their personal assets, if necessary.
Unlimited liability refers to the legal obligation of a business owner or partners to pay all debts and liabilities incurred by the business, potentially using personal assets.
