A general partnership is an association of two or more people who agree to carry on a business as co-owners for a profit. The general partnership is a very flexible form of enterprise. State partnership statutes provide default rules pertaining to management rights and the calculation of each partner’s share of profits and losses. However, the partners in a partnership agreement are generally free to change these default provisions by agreement.

Learn more via the recently completed 4-page, 4-color RISK CONCEPTS series, covering seven common forms of business ownership, including the General Partnership.
Several RISK CONCEPTS bulletins covering alternative forms of business structure were recently posted and are available for download at: RightRisk.org/riskconcepts.