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general partnership
(redirected from General partnerships)

    Also found in: Wikipedia 0.17 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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The regulation does not single out LLCs, but extends to all unincorporated businesses, including general partnerships, limited partnerships and limited liability partnerships.
S Corporations and disregarded entities-qualification as ... by Jamison, Robert W., Jr. / The Tax Adviser
Until 1992 accountants could practice only as sole proprietors or in general partnerships or in professional corporations.
Limit practice liability: select your form of business and your ... by Tucker, James J., III / Journal of Accountancy
Also, general partnerships where you get a guaranteed payment for labor and management can be a nice tax deal, but can also disqualify you for payment limit rules.
Payment limit jeopardy: sidestep these common traps to protect ... by Sands, Laura / Top Producer
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