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 ?
The partnership agreement also elaborated on the general partners' limits and noted approximately 11 items that the general partners could not perform, unless they first obtained the written approval of majority in interest of the limited partners (i.
Survey responses were obtained by Ernst & Young's real estate private equity funds services group from 48 fund general partners and supplemented by information available and verifiable publicly.
The CPA should not become biased by the fact that the general partners pay the CPA's fees and should avoid being on one side or the other.
When the limited partners purchased the partnership interest, the general partners had agreed to purchase all unsold limited partnership interests and to fund any negative cash flows.
Moreover, the suit notes that "the General Partners, in order to advance their own financial interests, have failed to adequately respond to expressions of interest or offers from.
1402(a) (13) to support their argument that Congress only intended to tax a partner's distributive share attributable to a general partner interest.
These LLCs will make the commonly used limited partnerships headed by a corporate general partner obsolete for most real estate purposes.
The complaint alleges that the general partners of the partnerships have improperly adopted amendments to the partnership agreements governing Shurgard 3 through Shurgard 18 without the approval of limited partners in order to improperly alter the process by which limited partners of Shurgard 3 through Shurgard 18 may take action by written consent.
It may send a negative message to our full-time general partners, employees, clients, referral sources and the general public that the profession does not require the full-time effort, commitment and dedication of a partner.
OVP General Partner Gerry Langeler will participate on a panel during the "Dow Jones Private Equity Analyst Fundraising Summit" being held at the Four Seasons Hotel in San Francisco this week.
Restructuring Corvette City from a general partnership to a limited partnership and exchanging Dick's general partner interest for a limited partner interest could accomplish the goal of limiting Dick's risk of loss to sums he invested in Corvette City.
Recourse debt usually can be added to the general partner's basis and at-risk basis, but LLCs do not have general partners.

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