The Law Dictionary

Your Free Online Legal Dictionary • Featuring Black’s Law Dictionary, 2nd Ed.

GENERAL PARTNERSHIP Definition & Legal Meaning

Definition & Citations:

Two or more co-owners as general partners in an unincorporated business. Jointly and severally liable all partners for the firm’s obligations. As each general partner is bound by the actions of the other general partners, each partner takes active part in the firm’s management. Also refer to limited partnership. See, General Partnership Guide: FAQ and Answers.


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