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:
“What is written without effort is in general read without pleasure.”
—Samuel Johnson (1709–1784)
“Are we bereft of citizenship because we are mothers, wives and daughters of a mighty people? Have women no country—no interests staked in public weal—no liabilities in common peril—no partnership in a nation’s guilt and shame?”
—Angelina Grimké (1805–1879)