general partnership

general partnership definition - business

general partnership

A partnership in which each of the partners is liable for all of the firm's debts, and the actions of one partner are binding on each of the other partners. Compare limited partnership.

The American Heritage® Dictionary of Business Terms Copyright © 2009 by Houghton Mifflin Harcourt Publishing Company. Published by Houghton Mifflin Harcourt Publishing Company. All rights reserved.

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