| Dictionary, Encyclopedia and Thesaurus - The Free Dictionary 3,897,325,537 visitors served. |
Dictionary/ thesaurus | Medical dictionary | Legal dictionary | Financial dictionary | Acronyms | Idioms | Encyclopedia | Wikipedia encyclopedia | ? |
general partnership |
Also found in: Dictionary/thesaurus, Legal, Wikipedia | 0.01 sec. |
|
|
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 all partners are general partners. Contrast with limited partnership. Want to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit the webmaster's page for free fun content. |
|
| Financial Dictionary |
| Free Tools: |
For surfers:
Free toolbar & extensions |
Word of the Day |
Help
For webmasters: Free content | Linking | Lookup box | Double-click lookup |
|---|