A type of investment in which a partner or investor can lose an unlimited amount of money. opposite of limited liability.

The lack of a ceiling on the amount of liability a proprietor or partner must assume; meaning that if business assets are not sufficient to settle creditor claims, the personal assets of the proprietor or partners may be used to settle the claims.

the legal obligation to pay all one's debts, if necessary by the sale of one's possessions.

The owner's personal responsibility for any debts or damages incurred by the operation of a business.

Term used where no restriction applies to an owner's losses in a business.