# General Partnership

**IRI:** https://folio.openlegalstandard.org/Ru4xTEglN22D9fpGWBZpgs

## Labels

**Preferred Label:** Unlimited Partnership

**Alternative Labels:**

- General Partnership
- GP

**Translations:**

- de-de: Offene Handelsgesellschaft
- fr-fr: Société en nom collectif
- ja-jp: 普通合同会社
- pt-br: Sociedade em nome coletivo
- zh-cn: 普通合伙

**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.

## Sub Class Of

- https://folio.openlegalstandard.org/RC3I2GwWuuKWmRJVXgxXeb

**Deprecated:** False

**Identifier:** ENTITY-GP