General Partnership
A arrangement by which partners conducting a business jointly have unlimited liability, which means their personal assets are liable to the partnership's obligations. Investopedia Says:
Since all partners have unlimited liability, even innocent partners can be held responsible when another partner commits inappropriate or illegal actions. This fact alone demonstrates how an investor should heed caution when deciding on whether to become a general partner. Related Terms:
Corporation
Joint Venture
Limited Liability
Limited Liability Company
Limited Risk
Master Limited Partnership
Silent Partner
Sole Proprietorship
Strategic Alliance |