About Us
Corporate Types
Corporate Kits
Business Software
Web Site Design
Your Cost
Frequently Asked Questions
Merchant Accounts
Trademark a Name
General Partnership 

In General: A form of business entity in which 2 or more co-owners engage in business for profit. For the most part, the partners own the business assets together and are personally liable for business debts.

Sharing Profits: In the absence of a partnership agreement, profits are shared equally amongst the partners. A partnership agreement, however, will usually provide for the manner in which profits and losses are to be shared.

Unlimited Personal Liability for Losses: Each Partner is, jointly and severally, personally liable for debts and taxes of the partnerhsip. For example, if the partnership assets are insufficient to satisfy a creditorís claims, the partnersí personal assets are subject to attachment and liquidation to pay the business debts. 

Liability for a Co-partnerís debts: Each general partner is deemed the agent of the partnership. Therefore, if that partner was apparently carrying on partnerhsip business, all general partners can he held liable for his dealings with third persons.

Liability for a co-partnerís wrongdiong: Each partner may be held jointly and severally liable for a co-partnerís wrongdoing or tortious act (e.g. the misapplication of another personís money or property.

Duration: Technically, a partnership terminates upon the death, disability, or withdrawal of any one partner. However, most partnership agreements provide for these types of events with the share of the departed partner being purchased by the remaining partners in the partnership.

Management and Control: In the absence of a partnership agreement, each general partner has an equal right to participate in the mangament and control of the business. Disagreements in the ordinary course of partnership business are decided by a majority of the partners. Disagreements of extraordinary matters and amendments to the partnership agreement require the consent of all partners

Transferability: Unless otherwise provided in the partnership agreement, no one can become a member of the partnership without the consent of all partners. However, a partner may assign his share of the profits and losses and right to receive distributions ("transferable interest"). Further a partnerís judgement creditor may obtain an order charging the partnerís "transferable interest" to satisfy a judgement. 


Order Your Kit Today!

Copyright, 1994-2013Incorporate USA, Inc.
Why Incorporate a business ?
Sole Proprietorship
General Partnership
Joint Venture
Limited Partnership
Limited Liability Partnership
Limited Liability Company
c corporation
s corporation
,how to get a tax id number,apply for a federal tax id number,employer tax id number
Incorporate in Nevada, Nevada Corporations,llc in nevada,nevada limited liability company
delaware incorporation,incorporate in delaware,delaware llc,llc in delaware