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general partnership

   Also found in: Dictionary/thesaurus, Legal, Wikipedia 0.04 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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Freudenberg-NOK General Partnership has acquired the assets of Imperial Rubber and Urethane of Nisku, Alberta, Canada, to expand its business of elastomer products for the oil and gas market.
Freudenberg acquires Imperial Rubber/Urethane by Rubber World
This is the first full year that my brother and I are farming in a general partnership with another producer.
Decision Time by Schwiebert, Mark / Top Producer
Davis said the 27-year, fully amortized HUD Section 232 loan was arranged for the facility's owner, a New York General Partnership.
$14m nursing aid by Real Estate Weekly
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