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asked 2 months ago
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In business liability refers to anything that is likely to be a hindrance to the progress of the company, e.g. Rent, wages, insurance, debt etc.
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A liability is a business term, there are two types limited and unlimited liabilities. Limited means if the company goes bankrupt you are not responsible for it, unlimited means if the company goes bankrupt you could be at risk on losing your own possessions e.g. Your house :)
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Guest
answered 2 months ago
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