general partnership

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Related to General partners: limited partners

General partnership

A partnership in which all participants are general partners

General Partnership

A business structure in which two or more persons share in the ownership and profits and losses of the business. In a general partnership, two or more partners, jointly and severally, share all profits, losses, management authority, and risk for the business. Importantly, all partners have unlimited liability, which means that they may lose more than they originally invested.

In most jurisdictions, partnerships are preferable to corporations because partnerships' profits are not taxed prior to distribution to the partners. In other words, there is no equivalent to a corporate tax on partnerships. On the other hand, partners have more legal and financial liability in case of liquidation than would shareholders and most management in a corporation. See also: Limited partnership, Limited liability partnership.

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.

general partnership

A partnership in which all partners are general partners. Contrast with limited partnership.

References in periodicals archive ?
E&Y says that 13 individual fund general partners raised about 70% of the $72.
The limited partners sued the general partners for failing to fulfill their agreement.
In a LLC, the participants are called "Members," and rather than a General Partner, there is a "Managing Member.
They should participate in the same profit-sharing system as general partners and have profit-sharing units in the same ratio as full-time general partners.
The IRS has publicly ruled it possible, under certain circumstances, for a partner to exchange a general partner interest for a limited partner interest (or vice versa) without incurring tax liability from the transaction.
If this definition applies for material participation, all LLC members are general partners subject to section 469's broader material participation requirements.
Although the General Partners are not making a recommendation with respect to the Offer, as set forth in the Schedule 14D-9, the General Partners believe that Unit holders should carefully consider the following information in making their own decisions of whether to accept or reject the Offer:
Working exclusively with IDG Ventures as a Senior Advisor, Westphal will work with the IDG Ventures general partners to further the firm's life sciences investment initiatives.
A partnership may designate a TMP after filing the partnership return for a tax year by submitting a statement signed by general partners who held more than 50% of the aggregate interest in partnership profits held by all general partners at the close of the tax year.
The Purchasers are not affiliated with Liberty or its general partners (the "General Partners").
LLCs are an attractive alternative to partnerships and corporations, because they provide limited personal liability to members with a single level of tax; in contrast, general partners have personal liability for partnership debts, while limited partners cannot participate in partnership management without jeopardizing their limited liability.
The Offerors are not affiliated with Liberty or its general partners (the "General Partners").

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