Business GCSE
Liability
What Liability means in Business GCSE, as defined for AQA.
Definition of Liability
Check what you remember
Read the wording for your board, then hide it and explain Liability in your own words. Rough notes are fine. This is a self-check, with no mark or grade.
Reference: AQA
Sole traders and ordinary partners have unlimited liability, while shareholders in a Ltd or PLC have limited liability.
Topics that use Liability
- Business ownership (AQA GCSE)
Related terms
- Conflict and agreements
- Dividend
- Incorporated structures
- Incorporation
- Liability and risk
- Limited liability
- Not-for-profit organisation
- Partnership
Using Liability in the exam
Check the command word and mark scheme for your exact question. After comparing your explanation with the reference, use the term in an answer on the linked topic. This practice does not predict an exam mark.
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