General Partnership

A general partnership is a business arrangement where two or more individuals agree to run a business together. In this setup, all partners share responsibility for the business's operations, profits, and liabilities. Each partner has equal say in decision-making unless otherwise agreed. Importantly, partners are personally liable for the debts and obligations of the business, meaning their personal assets could be at risk if the business faces financial issues. Partnerships are often chosen for their simplicity and flexibility, allowing partners to combine resources and expertise while benefiting from shared profits.