general partnership

Popular Terms
Unincorporated business with two or more co-owners called general partners. All general partners take active part in the firm's management, are jointly and severally liable for the firm's obligations, and are bound by the actions of the other general partners. See also limited partnership.

Use 'general partnership' in a Sentence

Kevin wanted to keep things simple in his new business , but soon after forming a general partnership with his frequent collaborator and best friend, he started to wonder if he needed to be more legally protected.
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The general partnership fostered open and free discussion with everyone contributing equally and brilliantly which resulted in a massive success.
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Having a general partnership will allow your business to have more than one person at the top to make the key decisions.
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