Navigating General Partnerships Essential Legal Insights
Understanding the Basics of General Partnerships
General partnerships are a common business structure where two or more individuals come together to run a business for profit. Unlike other business entities, such as corporations or limited liability companies (LLCs), general partnerships do not offer limited liability protection to their partners. This means that each partner is personally liable for the debts and obligations of the partnership, including any legal claims or lawsuits.
Forming a General Partnership: Key Considerations
Forming a general partnership is relatively simple and does not require any formal paperwork or filings with the state. However, it’s essential for