general partnership
Joint business ownership
A general partnership is a business arrangement where two or more people share ownership, profits, and liability.
Unlike limited partnerships, all partners participate in management and bear personal responsibility for business debts: They formed a general partnership to run the restaurant together.
No formal registration is required in most jurisdictions—the partnership exists once parties agree to do business together.
Personal obligation for all debts
- joint ownershipShared legal claim together
- fiduciary dutyObligation to act loyally
- profit sharingDistributing earnings to workers
- dissolutionBreaking up completely
co-ownership · unincorporated · legal entity · co-managers · personal liability · duty of care · formation · registration
Joint effort toward shared aim
- cooperationJoint action toward shared aims
- joint effortCombined work toward goal
- allianceFormal union of parties
- shared responsibilityDuty divided among parties
pooled resources · mutual benefit · co-management · equal footing · trust · shared vision · division of labor
Wealth used for investment
- profitsFinancial surplus after costs
- revenueBusiness income total
- firmSolid or resolute
- ventureRisky new undertaking
operations · ownership · management · equity · assets · investment · dividends · accounting
Enforceable written agreement
- termsConditions of an agreement
- conditionsPrevailing state of affairs
- accordHarmony between parties
- pactFormal agreement between parties
covenant · commitment · arrangement · handshake · stipulation · decision-making · exit clause · buyout
Personal obligation for all debts
- personal assetsOne's owned valuables
- debtsSums owed to others
- obligationsRequired responsibilities
- creditorsThose owed payment
financial responsibility · risk · exposure · insolvency · bankruptcy · indemnification · guarantor · liable
unlimited liability
Personal obligation for all debts
- joint ownershipShared legal claim together
- fiduciary dutyObligation to act loyally
- profit sharingDistributing earnings to workers
dissolution · co-ownership · unincorporated · legal entity · co-managers · personal liability · duty of care · formation · registration
teamwork
Joint effort toward shared aim
- cooperationJoint action toward shared aims
- joint effortCombined work toward goal
- allianceFormal union of parties
shared responsibility · pooled resources · mutual benefit · co-management · equal footing · trust · shared vision · division of labor
capital
Wealth used for investment
venture · operations · ownership · management · equity · assets · investment · dividends · accounting · solvency
contract
Enforceable written agreement
- termsConditions of an agreement
- conditionsPrevailing state of affairs
- accordHarmony between parties
pact · covenant · commitment · arrangement · handshake · stipulation · decision-making · exit clause · buyout · dispute resolution
unlimited liability
Personal obligation for all debts
- personal assetsOne's owned valuables
- debtsSums owed to others
- obligationsRequired responsibilities
creditors · financial responsibility · risk · exposure · insolvency · bankruptcy · indemnification · guarantor · liable · collateral
- business termsfranchising, revenue stream, board meeting, gross margin, markdown
- agreementshandshake, contract, nod, accords, verbal consent
- business typesbig business, business, corporation, sole proprietorship, nonprofit
- businessesbusiness, company, bank, bakery, enterprise
- small businessesbakery, restaurant, salon, boutique, florist
- business entitiescorporation, LLC, sole proprietorship, company, subsidiary
general partnershiplimited liability company
Owner-protected business entity
corporation · LLC · sole proprietorship · public company · limited partnership
general, partnership, generally, generalize, generalization, generality, generals, partner, partners