Definition of general partnership in English:

general partnership

noun

  • See general partner

    • ‘Probably the best forms of doing business are individual ownership or small general partnerships.’
    • ‘The legal requirements for a general partnership are few.’
    • ‘For tax planning purposes, a general partnership can be a useful method of diverting income from high bracket parents to their children.’
    • ‘In a general partnership, all partners are equal.’
    • ‘The act does not apply to limited liability companies, limited partnerships, or general partnerships.’