general partnership

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Related to General partners: limited partners

General partnership

A partnership in which all participants are general partners
Copyright © 2012, Campbell R. Harvey. All Rights Reserved.

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.
Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved

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.
Wall Street Words: An A to Z Guide to Investment Terms for Today's Investor by David L. Scott. Copyright © 2003 by Houghton Mifflin Company. Published by Houghton Mifflin Company. All rights reserved. All rights reserved.

general partnership

A partnership in which all partners are general partners. Contrast with limited partnership.

The Complete Real Estate Encyclopedia by Denise L. Evans, JD & O. William Evans, JD. Copyright © 2007 by The McGraw-Hill Companies, Inc.
References in periodicals archive ?
Thus, changing the tax rule will transfer wealth from general partners to limited partners.
Since a general partner in a limited partnership has such a unique role and set of personal responsibilities, his participation in the organization and running of the business is critical.
Accordingly, for purposes of assessment, the employer is the taxpayer, and in Galletti the employer was the partnership, not the general partners. The fact that the partners were ultimately called upon to satisfy the partnership's deficiency was irrelevant.
E&Y says that 13 individual fund general partners raised about 70% of the $72.3 billion in equity raised in the last decade by its survey.
At the same time, however, only the general partner is legally allowed to conduct the business of the limited partnership or contribute services to it.
Domestic limited partnerships do not necessarily possess centralized management, even though managerial duties are vested in the general partner. If the general partner has a significant partnership interest, centralized management may be lacking.
Fees to general partners are an important part of every deal.
However, one TaxTalk participant with experience in this area said that these types of threats and lawsuits generally go nowhere because the courts are reluctant to replace general partners, no matter how egregious the limited partners think the general partner has been.
General partners (and in some cases, limited partners) are subject to SE taxes on their entire allocable share of partnership income and any guaranteed payments received, under Sec.
Going forward, the general partners of both TEPPCO and Enterprise will continue to operate independently and will maintain separate boards of directors, management teams and offices.
All of the entities involved in this scheme were organized in the same year; none of the general partners or promoters had anything more than limited experience in the field of energy conservation and management.

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