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:
“A constitutional statesman is in general a man of common opinions and uncommon abilities.”
—Walter Bagehot (1826–1877)
“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)