General Partnership

A general partnership is a business arrangement where all partners share equal responsibility for management, profits, and liabilities. Unlike limited partnerships, general partners are personally liable for business debts and obligations. This structure offers operational flexibility but exposes partners to greater risk. General partnerships are often used in small businesses or professional firms, though less common in large-scale investments.

• Partners share management and liability equally.
• Exposes partners to personal liability for debts.
• Offers operational flexibility but greater risk.
• More common in small businesses than large investments.