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general partnership

noun
1.
a partnership in which each of the partners is fully liable for the firm's debts.
Dictionary.com Unabridged
Based on the Random House Dictionary, © Random House, Inc. 2014.
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Examples from the web for general partnership
  • The general partnership is the oldest and simplest form of business organization.
  • Enter the complete street address, including the zip code, of the chief executive office of the general partnership.
  • As with a general partnership, profits are taxed as personal income for each individual partner.
  • State the full name of the general partnership before the name change.

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