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A general partnership, the basic form of partnership under common law, is in most countries an association of persons or an unincorporated company with the following major features:
- Must be created by agreement, proof of existence and estoppel.
- Formed by two or more persons
- The owners are jointly and severally liable for any legal actions and debts the company may face, unless otherwise provided by law or in the agreement.
It is a partnership in which partners share equally in both responsibility and liability.[1]
- ^ O'Sullivan, Arthur; Sheffrin, Steven M. (2003). Economics: Principles in Action. Upper Saddle River, New Jersey: Pearson Prentice Hall. pp. 190. ISBN 0-13-063085-3.