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General Partnership

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General Partnership
An arrangement by which partners conducting a business jointly have unlimited liability, which means their personal assets are liable to the partnership's obligations.
    
In the commercial and legal parlance of most countries, a general partnership or simply a partnership, refers to an association of persons or an unincorporated company with  major features like ,it can be formed by two or more persons, the owners are all personally liable for any legal actions and debts the company may face ,and created by agreement, proof of existence and estoppels.
Posted by  ebs Finanzakademie GmbH
 
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