general partnership |
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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.
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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
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