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Debt Relief – Insolvency – Bankruptcy Information » Insolvency » What is the term that describes the fact that owners of sole proprietorships and partnerships are totally…?

What is the term that describes the fact that owners of sole proprietorships and partnerships are totally…?

What is the term that describes the fact that owners of sole proprietorships and partnerships are totally personally responsible for all the debts of their firms?

A.
insolvency

B.

bankruptcy

C.
unlimited liability

D.
credit risk

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4 Responses to "What is the term that describes the fact that owners of sole proprietorships and partnerships are totally…?"

  1. Davey says:
    id say C.
  2. D in Canada says:
    A. insolvency is the inability of a firm to pay its debts to its creditors.
    B. bankruptcy is a legal classification and process to liquidate all the assets of a firm and pay whatever possible to its creditors.
    D. credit risk is a calculation done by a creditor (e.g. bank) for the likely ability of a firm, person or country to pay their debts.

    C. unlimited liability is the answer. The definition is in the question.

  3. obnoxious. says:
    fsd
  4. Kate R says:
    Cheaterrrr! You’re never going to learn these important life things by posting this on Yahoo! answers. :P Do you care about being an intelligent, well-informed human or not? Bad call dude.

    Though I know what it is ;3

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