In the commercial and legal parlance of most countries, a general partnership (the basic form of partnership under common law), refers to an association of persons or an unincorporated company with the following major features:
- Created by agreement, proof of existence and estoppel.
- Formed by two or more persons
- The owners are all personally liable for any legal actions and debts the company may face
It is a partnership in which partners share equally in both responsibility and liability.
Read more about General Partnership: Characteristics, Separate Legal Personality
Famous quotes containing the words general and/or partnership:
“The general fact is that the most effective way of utilizing human energy is through an organized rivalry, which by specialization and social control is, at the same time, organized co-operation.”
—Charles Horton Cooley (1864–1929)
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