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In this type of organizational structure, each individual partner is personally liable for all debts and judgments against the partnership as a whole, regardless of whether the debt was incurred by the organization or one of the individual partners.

While the general partnership offers individuals the greatest amount of actual input into the operation and success of the business, they also expose each individual partner to the greatest amount of personal liability, up to and including all of their own personal assets. A limited liability partnership, also known as a silent partnership, is very different from a general partnership in regards to both the individuals' level of participation in the operation of the business and the level of their personal liability should something go wrong.

Unlike a general partnership, a limited partner does not play an active role in the day-to-day operation of the business. Those individuals who either plan on forming a partnership or investing in the potential profits of one do need to be fully aware of the extent of their own personal liability.

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If the individual wants to have an active role in the operation of the business, they will be subject to complete personal liability for the actions of the business. If an individual only wants to invest in a partnership for a return on the investment, then their personal assets are safe but they risk losing their investment should something go wrong. Either way, individuals should weigh the risks versus the rewards of their intended involvement in a partnership, and select the proper organization and partners carefully.

LegalNature can help you with all of your personal legal form needs. Let us help you get started today. Keep in mind that partnerships are also more expensive to establish than sole proprietorships because they require more legal and accounting services.


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If you decide to organize your business as a partnership, be sure you draft a partnership agreement that details how business decisions are made, how disputes are resolved and how to handle a buyout. You'll be glad you have this agreement if for some reason you run into difficulties with one of the partners or if someone wants out of the arrangement.

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The agreement should address the purpose of the business and the authority and responsibility of each partner. It's a good idea to consult an attorney experienced with small businesses for help in drafting the agreement. Here are some other issues you'll want the agreement to address:.

The Partnership

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By giving your consent below, you are agreeing to the use of that data. For more information on our data policies, please visit our Cookie Policy. Revoke Consent Submit Consent. Back to Encyclopedia Partnership Definition: A legal form of business operation between two or more individuals who share management and profits. The federal government recognizes several types of partnerships.

The two most common are general and limited partnerships. Show More.

Partnership Definition - Entrepreneur Small Business Encyclopedia

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