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A partnership in which each
partner is liable for all partnership debts and
obligations regardless of the amount of the individual
partner's capital contribution.
General partners are
those who are responsible for the day-to-day management
of activities, whose individual acts are binding on all
the partners, and who are personally responsible for the
partnership's total liabilities.
Crucial to the functioning of a Partnership is a
Partnership Agreement. It is strongly advised to
draw up a Partnership Agreement up front with your
partners that addresses all how the organization will be
run and the roles and responsibilities of all partners.
This will eliminate sticky problems down the road.
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