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InvestHub.com's
Finance Dictionary and Glossary of Investment Terms

general partnership  

Definition 1.

A business partnership featuring two or more partners in which each partner is liable for any debts taken on by the business. Because the partners do not enjoy limited liability, all the partners' assets can be involved in an insolvency case against the company.
 

Definition 2.

A arrangement by which partners conducting a business jointly have unlimited liability, which means their personal assets are liable to the partnership's obligations.
 

Definition 3.

A partnership in which all participants are general partners. 
 
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