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LegalCornerTM - Partnerships F.A.Q.'s

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Q.What is a general partnership?

A.In a general partnership, each partner shares in the management of the business, and each is personally liable for all the debts and obligations of the business. Each partner, unless a partnership agreements states otherwise is authorized to sign contracts, checks, leases, and carry on all the business of the partnership. This means that each partner is fully liable, and must assume the consequences of, the actions of the other partner(s).

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