A good example would be a dental office where two licensed dentists partner together to open the office. Together they share profits and liabilities, and there is generally a written agreement documenting the relationship. division of responsibility for expenses, and division of earnings.
Each partner in a general partnership is fully responsible for all of the business's debts
A general partnership is a business design in which each partner of the business is responsible for the companyâ??s debts. The actions of one partner are binding for each partner within this relationship. The abbreviation for a general partnership is GP.
A general partnership would not be as close knit as the limited partnership. There also would not be as many legal proceedings to go with it.
In a general partnership, two or more individuals or entities join together to run a business. All partners have equal rights and responsibilities and share in the profits and losses of the business. Each partner is personally liable for the debts and obligations of the partnership.
limited partnership a+
1
Corporation; a sole proprietorship; a limited partnership; a general partnership
A Sole Trader or an Partnership
limited partnership a+
If the partnership is a general partnership, all partners assume unlimited liability. However, if the partnership is a limited partnership, one or more of the partners assumes unlimited liability
There are several types of business structures. Some of these include: General Partnership, Limited Partnership, Limited Liability Company and Sole Proprietorship.
Two people being registered on the business license.