general partnership

A general partnership, for purposes of business, is the combined ownership by two or more persons of a business operation. In this arrangement, the persons have an agreement to conduct business alongside one another as partners. Under the law, the many partners are actually one, and are treated as such. However, there is no need for a written or even spoken contract - the law says it is enough simply to operate in this manner to be considered a general partnership. In a general partnership, the assets of the business are shared among the partners. As a result, each partner also takes on a liability for what is done with the business. Also inherent in the arrangement of a general partnership is that each partner receives a portion of the profit. Without an agreement, profits would be shared equally, but an agreement can establish different terms for sharing. If not stated otherwise in an agreement, a general partnership will reach an end as soon as one of the partners dies.

Fast Facts

a limited partnership, as opposed to a general one, means that one person has less vested into the business

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