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general partnership
(redirected from General partnerships)

   Also found in: Financial, Wikipedia 0.01 sec.
general partnership
n.
A partnership in which each of the partners is liable for all of the firm's debts, and the actions of one partner are binding on each of the other partners.


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of Memphis) covers the fundamentals of agency law, general partnerships, limited liability entities, limited partnerships, LLCs, corporate formation, fiduciary duty of care and loyalty, shareholders rights and remedies and the essentials of securities fraud.
It happens sometimes that limited partners can have management control and the power to bind the partnership, and this leads into the main distinctions between general partnerships and limited partnerships.
While limited liability companies, corporations and limited partnerships are created by filings with the Utah Department of Commerce, general partnerships can be created "by default"--when a business relationship exists without written documentation.
 
 
 
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