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General Partnership:

 
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Category : > The Knowledge Center of Partnership Registration In The USA
Posted On : Fri Aug 28th,2009

 
 

A general partnership (or simply partnership) is an association of two or more persons or other persons (such as a corporation and an individual) conduct business as "partners", whether officially or not, with the goal of earning a profit. All members of a general partnership are called General Partners. Each general partner takes part in the management of the business, and also takes responsibility for the liabilities of the business. If one partner is sued, all partners will be held liable. Anything that one partner does affect all of the partners, because each partner of the general partnership is personally responsible for all obligations of the general partnership. Forming general partnership is the least desirable for this reason. Liability of General Partnership.  Points mentioned below can better describe the liability of General Partnership.

  • Every partner acts on behalf of the whole partnership business; therefore, each partner is liable for his or her own actions.
  • Every partner is liable for the actions of the other partners.
  • Every partner is liable for the actions of the employees of the business.

 

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