What is a general partnership agreement?

A general partnership agreement outlines the rights and responsibilities of two or more partners owning a for-profit business. The agreement typically includes the upfront capital contributions of the partners and also indicates the nature of the business.

Unlike corporations and LLCs, a general partnership is not a distinct legal entity separate from its owners. This means that partners personally incur all debts and liabilities on behalf of the partnership.

Was this helpful? /

Can't find what you are looking for?

Contact us here.