Are all partners in general partnership -general-?
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elsworth
Apprentice
Joined: 26 Aug 2006
Posts: 8
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 Posted: 06/09/08 - 05:17 Post subject: |
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| Dear all. I have been looking into different business set ups, and am trying ti decide what is best for me. I think that the concept of a general partnership can be very interesting myself. With this in mind I have a question for you. Are all partners in the general partnership general? |
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bobby
Apprentice
Joined: 22 Apr 2006
Posts: 2
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| Posted: 07/08/08 - 21:46 Post subject: |
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I hope you don't mean whether all of them are army generals  ? Anyway, as for the serious comments, a partnership is one in which all the partners are full partners, and in this case that means that all the partners are personally liable for any losses that the company makes. I trust that that answers your question?
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