A general partnership is a business structure in which two or more individuals or entities share ownership and responsibility for managing the company. In this type of arrangement, each partner contributes money, property, or labor to the business, and they all have equal authority to make decisions and manage the day-to-day operations.
Each general partnership is formed by an agreement between the parties involved, which outlines their rights and responsibilities. The main advantage of this type of arrangement is that it allows for easy decision making since all partners have equal say in how the business operates. However, it also means that each partner is personally liable for any debts or legal issues that arise from the company's actions.
In summary, a general partnership is an agreement between two or more individuals or entities to share ownership and management of a business, with equal authority given to all parties involved.