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.
Zuckerberg then embarked upon a secret scheme to misappropriate the General Partnership's assets and opportunities for himself.
Limited partnership: Like the general partnership, this is an agreement between two or more individuals.
Trammell Crow served as broker for the seller, 88 Centennial Avenue General Partnership.
The European Union (EU) Council of Ministers told the Commission to "modify provisions on trade in textiles" contained in the EU's general partnership and cooperation agreements with both countries, with no further guidance.
General partnership -- This is formed when two or more people begin a profit-making activity with or without a formal agreement.
Mohsen Sohi was named chief executive officer for Freudenberg-NOK General Partnership. He succeeds Herbert Fehrecke, who served as interim CEO since October.
The product includes coverages such as professional liability, directors' and officers' liability, employment practices liability, fiduciary liability, mutual fund professional liability, and private investment fund general partnership liability.
Paul SelectOne includes coverages such as professional liability, directors and officers liability, employment practices liability, fiduciary liability, mutual fund professional liability and private investment fund general partnership liability.
CEOs who don't want to deal with the shortcomings of the QPRT have two other alternatives: One is to put it into a family limited partnership, in which you retain a general partnership interest.
In the last issue, we examined the legal structure of a general partnership. We noted that the partners in a general partnership are jointly and severally liable for the debts and obligations of the partnership.

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