general partnership

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Related to general partnership: limited partnership

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 ?
Thus, even if you merely register your general partnership as an LLP, you'll very probably need a new inter-owner agreement.
Although some family business leaders seem to be reluctant to change their companies into general partnerships, the future generations, armed with knowledge and open-minded spirit, will engage courageously in such a process, Bahrain Chamber of Commerce and Industry chairman Dr Essam Fakhro told our sister paper Akhbar Al Khaleej.
Zuckerberg then misappropriated the General Partnership's (1) opportunity to expand the website and the Face Book project beyond Harvard University students and (2) assets, and contributed them to a corporation formed in July 2004, but never informed Ceglia or accounted for them to the General Partnership or Ceglia.
Freudenberg-NOK General Partnership is the Americas joint venture between Freudenberg and Company in Germany and NOK Corporation in Japan.
As you might expect, setting up a limited partnership is not as easy as setting up a general partnership.
Cons: General partnerships also carry unlimited liability, which means all members of the partnership are collectively responsible for all of the company's acts and debts.
FRUPA specifically states that neither the rights nor the liens of creditors of a general partnership that converts to a limited partnership are impaired by the conversion.
CONTACT: Sarah O'Hare, Freudenberg-NOK General Partnership, +1-734-354-5416 work, +1-734-612-8608 cell, Fax: +1-734-451-0043, sao@fngp.
Michael Rothstein, investment associate in the firm's Manhattan office, had the exclusive listing to market the property on behalf of the seller, a New York-based general partnership.
Note: The downside is that the GP is exposed to unlimited personal liability for partnership activities to the same extent that partners in a general partnership are liable for partnership debts.
Valley View Apartments, a general partnership led by Willis Smith and Bek Kaiser, secured the two-month loan from Metropolitan National Bank of Little Rock.
In Canada, most partnership arrangements take the form of either a general partnership or a limited partnership.

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