General Partnership

General Partnership
A arrangement by which partners conducting a business jointly have unlimited liability, which means their personal assets are liable to the partnership's obligations.

Since all partners have unlimited liability, even innocent partners can be held responsible when another partner commits inappropriate or illegal actions. This fact alone demonstrates how an investor should heed caution when deciding on whether to become a general partner.

Investment dictionary. . 2012.

Look at other dictionaries:

  • general partnership — see partnership Merriam Webster’s Dictionary of Law. Merriam Webster. 1996. general partnership …   Law dictionary

  • General partnership — In the commercial and legal parlance of most countries, a general partnership or simply a partnership, refers to an association of persons or an unincorporated company with the following major features:*Created by agreement, proof of existence… …   Wikipedia

  • general partnership — A partnership in which every partner is fully liable to the full extent of his, her, or its net worth for all the obligations of the partnership. American Banker Glossary A partnership in which all participants are general partners . Bloomberg… …   Financial and business terms

  • General partnership — A partnership in which all partners are general partners. * * * general partnership general partnership ➔ partnership * * * general partnership UK US noun [C] FINANCE ► a company that is owned by two or more general partners who share its profits …   Financial and business terms

  • general partnership — tikroji ūkinė bendrija statusas Aprobuotas sritis įmonių teisė ir įmonių valdymas apibrėžtis Pagal bendrijos veiklos sutartį steigiamas ir veikiantis neribotos civilinės atsakomybės privatusis juridinis asmuo – įmonė, kurios dalyviai yra tikrieji …   Lithuanian dictionary (lietuvių žodynas)

  • general partnership — noun : a common law partnership in which each partner has a general liability for all partnership debts and obligations in full compare limited partnership * * * a partnership in which each of the partners is fully liable for the firm s debts. Cf …   Useful english dictionary

  • general partnership — The ordinary partnership, as distinguished from a limited partnership or partnership association. See partnership …   Ballentine's law dictionary

  • general partnership — a partnership in which each of the partners is fully liable for the firm s debts. Cf. limited partnership. * * * …   Universalium

  • general partnership — gen′eral part′nership n. bus a partnership in which each of the partners is fully liable for the firm s debts Compare limited partnership …   From formal English to slang

  • general partnership — noun a business partnership in which each partner is liable for the firms debts …   Wiktionary

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