Virginia General Partnership Definition
A general partnership (sometimes simply referred to as a “partnership”) is an association of two or more persons to carry on, as co-owners, a business for profit. Each partner contributes money, property and/or services in return for an interest in the general partnership, shares in the profits and losses of the general partnership’s business and has equal rights in the management and conduct of the partnership’s business. A general partnership is an entity distinct from its partners, but unless the general partnership is registered as a registered limited liability partnership, each partner is liable for the obligations of the general partnership.
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