Alaska General Partnership Definition
Alaska General Partnership
DEFINITION
An Alaska General Partnership is an unincorporated business, which consists of two or more “persons” (individual or entity) who share ownership. A partnership can be formed with or without a partnership agreement. Each partner contributes to all aspects of the business, including money, property, labor or skill. In return, each partner shares in the profits and losses of the business. A partnership agreement (which the partnership keeps and maintains) may designate who controls and managed the business. If there is no partnership agreement, then the partners may share equal business control and management rights. If a partner dies or leaves the partnership then the partnership dissolves, unless the partnership agreement contains provisions permitting the partnership to continue to exist. The partners are liable together and individually for all the partnership’s debts and liabilities of the business. This means each partner runs the risk of losing their own personal property due to business debts and liabilities.
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