general partnership


A business partnership featuring two or more partners in which each partner is liable for any debts taken on by the business. Because the partners do not enjoy limited liability, all the partners' assets can be involved in an insolvency case against the company.

Use general partnership in a sentence

We were both liable for the debt made by the business and we had a general partnership that decided that.

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You should try and enter into a general partnership with a company you trust if you think it can make things better for you.

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We entered into a general partnership, confident that our unique skills and assets could be leveraged to great success in the future.

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