general partnership

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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 ?
In 2013, the court-appointed receiver engaged licensed appraisers to value the 23 properties owned by the general partnerships. Those professionals determined that the land was worth $16,328,000, just 8.41% of the total funds the general partners had invested in the land.
However, New Hampshire general partnership law had--and still has--many grave flaws.
If you have more than one owner, the next simplest entity is a general partnership. A general partnership has essentially the same filing requirements as a sole proprietorship--a dba application and local business license.
MANAMA: A call has gone out to seriously consider converting Bahrain's family businesses into general partnership companies to face challenges and ensure continuity.
For purposes of the proposed SOP, this includes general partnerships, limited partnerships, limited liability partnerships (LLPs) and limited liability companies (LLCs) but does not cover S corporations or real estate investment trusts.
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.
While limited liability companies, corporations and limited partnerships are created by filings with the Utah Department of Commerce, general partnerships can be created "by default"--when a business relationship exists without written documentation.
General partnerships and sole proprietorships allow for the potential use of losses against income tax and SE tax.
All states now permit the formation of limited liability companies (LLC) or limited liability partnerships (LLP), which have replaced general partnerships as the entities of choice.
The problem with this is that it is much mare difficult to discern that a business is black-owned using the corporate tax filings required of Subchapter E corporations (the legal form of business more common among larger enterprises) than other legal forms common among smaller firms, such as sole proprietorships, general partnerships and Subchapter S corporations.
Accounting firms organized as limited liability partnerships, on the other hand, should not have this problem; an LLP is a form of general partnership. All states permit accounting firms to organize as general partnerships.

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