What is the definition of an "unlimited company"?

Answer

An unlimited company is a firm in which the owners of the company accept unlimited liability for its financial obligations. This is also known as an unlimited liability company.

An unlimited company can be either a sole proprietorship or general partnership. According to Business Dictionary, in an unlimited liability company, the partners, owners or stockholders accept personal and unlimited liability for potential debts and obligations of the company. They accept unlimited liability because they avoid double taxation that occurs on a limited company, when the financial liability of a shareholder is limited to the par value of his shares. Unlimited companies are also exempt from having to file their annual accounts with a public authority.

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