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general partnership
(redirected from General partners)

   Also found in: Wikipedia 0.04 sec.
General Partnership
A arrangement by which partners conducting a business jointly have unlimited liability, which means their personal assets are liable to the partnership's obligations.

Notes:
Since all partners have unlimited liability, even innocent partners can be held responsible when another partner commits inappropriate or illegal actions. This fact alone demonstrates how an investor should heed caution when deciding on whether to become a general partner.


General partnership
A partnership in which all participants are general partners

general partnership
A partnership in which each of the partners is liable for all of the firm's debts and the actions of one partner are binding on each of the other partners. Compare limited partnership.

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76 billion, papers filed by the lawyers for his general partners contend that Trump is trying to avoid the terms of his 1994 partnership deal and pressure the partners to cash Trump out before he is entitled.
Subsequently, Abel Galletti and three other general partners filed petitions for bankruptcy.
3/23/04, the Supreme Court decided that the IRS could collect a partnership tax liability from the general partners without first assessing the tax against them.
 
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