{"iri":"https://folio.openlegalstandard.org/Ru4xTEglN22D9fpGWBZpgs","label":"General Partnership","sub_class_of":["https://folio.openlegalstandard.org/RC3I2GwWuuKWmRJVXgxXeb"],"parent_class_of":[],"is_defined_by":null,"see_also":[],"comment":null,"deprecated":false,"preferred_label":"Unlimited Partnership","alternative_labels":["General Partnership","GP"],"translations":{"de-de":"Offene Handelsgesellschaft","pt-br":"Sociedade em nome coletivo","fr-fr":"Société en nom collectif","zh-cn":"普通合伙","ja-jp":"普通合同会社"},"hidden_label":"GP","definition":"A general partnership, the basic form of partnership under common law, is in most countries an association of persons or an unincorporated company with the following major features: must be created by agreement, proof of existence and estoppel; formed by two or more persons; the owners are jointly and severally liable for any legal actions and debts the company may face, unless otherwise provided by law or in the agreement. It is a partnership in which partners share equally in both responsibility and liability.","examples":[],"notes":[],"history_note":null,"editorial_note":null,"in_scheme":null,"identifier":"ENTITY-GP","description":null,"source":null,"country":null}