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Forms of Business Organisation-1 — OCM STD 11 Commerce — Question

Gujarat BoardEnglish MediumSTD 11 CommerceOCMForms of Business Organisation-12 Marks
Question
What is unlimited liability?
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Answer

The term unlimited liability means that if a businessman is not able to pay the business debts then he will have to sell even his personal assets to pay the debts. Failing to do so the creditors can file a case against the businessman and can take him to the court of law for recovering their money.

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