Also a Sole proprietorship is a business, which legally has no separate existence from its owner. Hence, the limitations of liability enjoyed by a corporation do not apply. As a result, the owners are personally liable for the firm's debts, and may have to pay them out of their own pocket. This is called unlimited liability...
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As a result, the owners are personally liable for the firm's debts, and may have to pay them out of their own pocket. This is called unlimited liability. Unlimited liability is where owners are personally liable fro all debts. It is a "sole" proprietor in the sense that the owner has no partners...
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