Unlimited liability as it relates to sole proprietorships is the risk of loss of assets beyond the assets of the business.
What does a firm have as assets?
- An asset is a valuable resource that you own or rent and that helps you run your firm. Computers and petty cash are examples of tangible resources. Intangible resources include goodwill, reputation, and brand.
- An object of value that a corporation owns is considered a business asset. There are numerous types of business assets. They could be material, observable products, like cars,...
- A tangible asset is an object that belongs to your company. In addition to stock and buildings, these assets also include cash, vehicles, and equipment.
- Unlimited liability as it relates to sole proprietorships is the risk of loss of assets beyond the assets of the business.
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