Definition: An association of two or more persons carrying on a business for profit as co-owners, with general partners ordinarily personally liable for partnership obligations under governing law.
Example
Two people jointly operate a business and share its profits as general partners.
Keep the distinction clear
A general partnership differs from a registered LLP or limited partnership. A private agreement between partners does not necessarily remove liability to outside creditors.
Related terms
Partnership · Limited Partnership · Limited Liability Partnership (LLP)
Keep studying
Corporation Sole, Sole Proprietorship, and Single-Owner Businesses
References: Florida Statutes 620.8306: partner liability · Florida Statutes 475.15: brokerage registration
Pronunciation (US): JEN-er-ul PART-ner-ship (capitals show stress)
Pronunciation reference: Merriam-Webster
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