Is liability for debts shared by the general partners?
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ev
Apprentice
Joined: 23 Apr 2007
Posts: 6
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 Posted: 11/10/10 - 10:35 Post subject: |
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| Hi, I have been reading about different forms of partnership. I am considering starting my own business. Unfortunately I cannot do it all by myself. I need to have a partner. That is why I am especially interested in learning more about general partnership. Is liability for debts shared by the general partners? |
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mile1200
Apprentice
Joined: 25 Feb 2008
Posts: 2
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| Posted: 12/10/10 - 02:17 Post subject: |
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| General partnership is the form of the partnership where partners shared their responsibility over company’s debts. That is the difference between limited partners. You and your future partner will both have control over business and responsibility over debts. The good thing is that you do not need a partnership agreement. |
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