General Partnership

A General Partnership is composed of two or more persons who agree to contribute money, labor, and/or skill to a business. Each partner shares the profits, losses, and management of the business, and each partner is personally and equally liable for debts of the partnership. Formal terms of the partnership are usually contained in a written partnership agreement.

You are always encouraged to consult an attorney to ensure appropriate consideration of all the legal implications of your choice of entity and filing. We stress that this filing website is not intended to substitute nor replace the advice of legal counsel.

Frequently Asked Questions