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General partnership

From Wikipedia, the free encyclopedia

A general partnership, the basic form of partnership under common law, is in most countries an association of persons or an unincorporated company with the following major features:

  • Must be created by agreement, proof of existence and estoppel.
  • Formed by two or more persons
  • The owners are jointly and severally liable for any legal actions and debts the company may face, unless otherwise provided by law or in the agreement.

It is a partnership in which partners share equally in both responsibility and liability.[1]