What happens to my corporation if I file personal bankruptcy?
June 22, 2017
What fees must be paid in a Chapter 11 bankruptcy proceeding?
June 22, 2017
Show all

What does it mean to have a general partnership?

Our Professional Answer:

When you form a business with other people, sometimes you do it as a general partnership. General partnership has some advantages in that you each all have interest in the business. One of the big disadvantages is you are all equally liable for all of the debts and all of the risk of the business. I would strongly recommend that you meet with an attorney to figure out a proper business entity form so that you can go into business with your friends or your partners in a way that protects all of you and gives you the business goals you want.