GENERAL KNOWLEDGE

Detailed explanation-1: -Each partner contributes money, property, labor, or skill; each shares in the profits and losses of the business; and each has unlimited personal liability for the debts of the business.

Detailed explanation-2: -Usually equal: Partners in a general partnership take on equal personal responsibility for the business. That means equal shares of profits and equal liability for debts or legal action.

Detailed explanation-3: -In a general partnership, the partners divide responsibility for management, liability and their share of the business’ profits or losses. Shares are assumed to be equal unless a written agreement states differently.

Detailed explanation-4: -Among the most common types of partnerships are general partnerships (GP), limited partnerships (LP), and limited liability partnerships (LLP).

Detailed explanation-5: -In a general partnership, all parties share legal and financial liability equally. The individuals are personally responsible for the debts the partnership takes on. Profits are also shared equally.