Forming a General Partnership

There are a few different kinds of business partnerships. They vary in legal structure depending whether – or how – the liability of partners can be limited. Today, we’re touching only on the basics of forming a general partnership. A general partnership is a business (that is not a corporate entity) that is owned by two or more people. Under state law, general partnerships have specific attributes: Each partner shares equally in the right, and responsibility, to manage the business Each partner is responsible for all the debts and obligations of the business For the rest of this article, check out our Business 101 blog: http://goo.gl/P3qqZ