Paste your Google Webmaster Tools verification code here
Skip to content

Call Today for a FREE Consultation 702-566-1212

General Partnerships

A general partnership is an association of two or more persons who carry on a business for profit. These “persons” may not just be individuals, but can include corporations, partnerships, limited liability partnerships, and limited liability corporations. Though the general partnership does not require any formal filings with the government, it is advisable that the partners enter into some written agreement to govern the relationships among and between the partners and provide a process by which the partnership may be dissolved. Each partner has equal rights in the management of the business and is considered an agent of the partnership. Therefore, the act of a partner can legally bind the partnership. Consequently, each partner is jointly and severally liable for partnership debts, which may be satisfied not only with the partner’s percentage share of the partnership, but also with the partner’s personal assets. Our business lawyers can draft a partnership agreement that provides for the profitable operation of the business while protecting the relationships among the partners.