BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -A General Partnership (GP) is an agreement between partners to establish and run a business together. It is one of the most common legal entities to form a business. All partners in a general partnership are responsible for the business and are subject to unlimited liability for business debts.

Detailed explanation-2: -In a partnership, each partner has a legal duty to act in the partnership’s best interests, as well as the best interest of the other partners. There’s also the legal duty of individual personal liability for partnership obligations. General partners are liable for all contracts entered into by other partners.

Detailed explanation-3: -General Partnership (GP) A general partnership is a partnership when all partners share in the profits, managerial responsibilities, and liability for debts equally. If the partners plan to share profits or losses unequally, they should document this in a legal partnership agreement to avoid future disputes.

Detailed explanation-4: -A managing partner is responsible for the day-to-day management of the partnership business. The partnership agreement and the managing partner’s specify describe the duties and responsibilities and additional compensation for this role.

Detailed explanation-5: -A general partner has the authority to act on behalf of the business without the knowledge or permission of the other partners. Unlike a limited or silent partner, the general partner may have unlimited liability for the debts of the business.