Noun
general partnership (plural general partnerships)
A business partnership in which each partner is liable for the firm's debts.
A general partnership cannot "go public." Source: Internet
For this reason, all partners in a typical general partnership may be held liable for the wrongs committed by one partner. Source: Internet
History Blohm & Voss in 1877 It was founded on 5 April 1877, by Hermann Blohm and Ernst Voss as a general partnership. Source: Internet
Where two or more individuals own a business together but have failed to organize a more specialized form of vehicle, they will be treated as a general partnership. Source: Internet
This business is conducted by: A General Partnership. Source: Internet