General partnership
In accounting, general partnership means two or more people carrying on a business together for profit without forming another entity. Each partner is personally liable for the partnership's debts; it files Form 1065 and pays no income tax itself.
Authority: IRS Pub. 541 (opens in a new tab). Sources
The lesson that teaches this
From the free founder back-office course, taught on one company's books, with exercises to work it yourself.
What it is not called
Each of these means something else. Use one here and an accountant reading the product notices.
- LLC
- joint venture unqualified
Also in Entity types
Defined in Lexicon. This page is generated from that document, so the two can't disagree.