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:
“As to the rout that is made about people who are ruined by extravagance, it is no matter to the nation that some individuals suffer. When so much general productive exertion is the consequence of luxury, the nation does not care though there are debtors in gaol; nay, they would not care though their creditors were there too.”
—Samuel Johnson (1709–1784)
“Society is indeed a contract.... It is a partnership in all science; a partnership in all art; a partnership in every virtue, and in all perfection. As the ends of such a partnership cannot be obtained in many generations, it becomes a partnership not only between those who are living, but between those who are living, those who are dead, and those who are to be born.”
—Edmund Burke (1729–1797)