General Partnership

General Partnership – A general partnership is contractual business venture that features two or more partners.  This type of association is riskier than a Corporation.  Being incorporated allows owners to be protected under the umbrella of the “company”.  There is not limited liability for partners joined in this type of business.  These partners share equally in the success or failure of that company.  If the company is involved in a bankruptcy or other type of litigation, all partners are liable for the consequences, including the short and long-term debt of the company.  The risk will include their individual assets.