Business, 02.10.2019 10:30 Kpthegoat

What is the difference btw limited liability and unlimited liability?

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Answer from: zemathes

Limited liability occurs in limited companies such as a private limited company (ltd) or a public limited company (plc) as the entities have their own legal identity which is separate from the owners. This means that the owners can merely lose what they put into the business and nothing else. -An easy way to remember this is that 'Limited' suggests there's a restriction, therefore meaning the owners are restricted on how much they can lose as it is only what they invest into the business. Whereas, unlimited liability is applicable to sole traders and partnerships as the owner(s) is/are personally responsible for the losses the business makes. This can be risky as the owners may have to sell personal investments such as their cars and property in order to contribute to the running of the business. -An easy way to remember this is that 'Unlimited' suggests there are infinite ways the owner can pay for the losses out of their own pocket. They are essentially the same legal identity!

Answer from: Quest

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Answer from: Quest

Secured loans are protected by collateral security. examples: title loans where the borrower uses the car title as collateral security interest rates are lower and repayments are longer therefore risk is low as a collateral security is given as guarantee to the bank in case of failure to pay the loanunsecured loans are not protected by collateral security but it is given on the creditworthiness of the borrower, trusting that she/he will pay on time. examples; payday loans is a short term loan where the borrower lends money from the bank and pays is back when the borrower receives his/her wages.interest rates are high and repayments are shorter. but the risk is high as no collateral security is given as a guarantee to the bank for payment of the loan

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