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Page 16 of 20 |
What is a general partnership? |
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| An arrangement in which two or more individuals or other persons (such as a corporation and an individual) conduct business as "partners", whether officially or not. In terms of asset protection, general partnerships can be even worse than sole proprietorships. Anything that one partner does affects all of the partners, because each partner of the of the general partnership is personally responsible for all obligations of the partnership. Thus each general partner's exposure to risk is increased by a factor equal to the number of general partners in the business. |
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