General Partnership
/ˈdʒɛnərəl ˈpɑːrtnərʃɪp/
Definitions
- (n.) A business arrangement where two or more individuals share ownership, management responsibilities, profits, and liabilities without forming a separate legal entity.
The two lawyers formed a general partnership to jointly run their practice.
Forms
- general partnerships
Related terms
See also
Commentary
General partnerships often expose partners to unlimited personal liability, making the choice of entity critical in business formation.
This glossary is for general informational and educational purposes only. Definitions are jurisdiction-agnostic but reflect terminology and concepts primarily drawn from English and American legal traditions. Nothing herein constitutes legal advice or creates a lawyer-client relationship. Users should consult qualified counsel for advice on specific matters or jurisdictions.