Business GCSE
Unlimited Liability
What Unlimited Liability means in Business GCSE, as defined for OCR.
Definition of Unlimited Liability
The legal status where owners are personally responsible for all business debts.
Topics that use Unlimited Liability
- Business ownership (OCR GCSE)
Related terms
- Limited Liability
- Incorporation
- Initial Public Offering (IPO)
- Partnership
- Private Limited Company (Ltd)
- Public Limited Company (PLC)
- Sole Trader
Using Unlimited Liability in the exam
Definition questions usually carry one or two marks, and examiners look for the precise wording. Write the definition from memory, check it against the version above, and then use the term in a longer answer on the same topic so it sticks.
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