Mississippi General Partnership Definition
Mississippi General Partnership
DEFINITION
A Mississippi General Partnership allows for two or more persons to operate a business as a general partnership. Again, there is no Secretary of
State filing requirement to form this type of entity. Many general partnerships will draft a partnership
agreement to delineate the responsibilities of each partner. The partnership agreement need not be
filed with the State.
The assets of a partnership are owned jointly by the partners. Each partner is personally liable for the
actions of the other partners including business debts, taxes and tort liability. Earnings are generally
taxed as personal income to each partner.
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