general partnership |
|
Definition
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.
email to a friend
print this definition
cite this definition
link to this page
general partnership is in the Banking, Commerce & Finance, Corporate, Commercial, & General Law and Entrepreneurship, Management, & Leadership subjects.
general partnership appears in the definitions of the following terms: unlimited liability, unlimited liability company and sponsor
This content can be found on the following page:
http://www.businessdictionary.com/definition/general-partnership.html







