Asked on 1/22/2009 by Rose Nylund - The Rusty AnchorAnswered by ABC Staff
General Partnership or simply a partnership, is formed when two or more
persons agree to carry on a business together. This agreement can be
written or oral. A general partnership is formed when two or more
people intend to work together to carry on a business activity. No
local or state filings are required to create this type of partnership.
A general partner may or may not invest, participates in running the
partnership and is liable for all acts and debts of the partnership and
any member of it. A General Partnership does not have limited partners.
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