# General partnership

> General partnership — 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.

Source: https://lopifi.com/glossary/general-partnership
Part of: Lopifi — US GAAP books on autopilot, checked by a CPA (https://lopifi.com)

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**What is 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.

## Words this system refuses for it

- LLC
- joint venture unqualified

- **Category:** Entity types
- **Specified in:** [Lexicon](https://lopifi.com/md/docs/domain/11-lexicon)