general partnership

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general partnership

A business partnership in which each of the partners is liable for the actions of any of the other partners.

gen′eral part′nership

a partnership in which each of the partners is fully liable for the firm's debts. Compare limited partnership.
References in periodicals archive ?
Before then, if the owners of relatively small multi-owner New Hampshire business start-ups wanted federal partnership taxation (which, for many such businesses, is the best possible federal taxation), they had to form them as general partnerships.
A number of family business leaders made the call during a symposium held yesterday by the Bahrain Family Business Association on challenges facing family businesses when changing into general partnerships.
General partnerships and sole proprietorships allow for the potential use of losses against income tax and SE tax.
Cons: General partnerships also carry unlimited liability, which means all members of the partnership are collectively responsible for all of the company's acts and debts.
All states permit accounting firms to organize as general partnerships.
The four most common forms of ownership of real estate in New York are: individual ownership, including ownership by two or more individuals as tenants-in-common; general partnerships composed of individuals; limited partnerships, often with the sole general partner being a corporation; and corporations which have elected Subchapter S tax status.
Thus, the rules for converting general partnerships into limited partnerships or vice versa are relevant.
The problem with this is that it is much mare difficult to discern that a business is black-owned using the corporate tax filings required of Subchapter E corporations (the legal form of business more common among larger enterprises) than other legal forms common among smaller firms, such as sole proprietorships, general partnerships and Subchapter S corporations.
For many CPA firms, especially firms already practicing as general partnerships, converting to an LLP is the easiest solution.
On the other hand, general partnerships are not legally separate from their owners and do not offer limited liability.

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