What are the characteristics of a General Partnership or GP?

Characteristics of a General Partnership or GP:

  • It does not require any formality to be formed other than de agreement of the partners. However, it is always convenient to have a written partnership agreement.
  • It requires at least two partners. Each of the partners can obligate the general partnership.
  • All of the partners have unlimited liability are liable for all of their own acts and omissions and those of the general partnership and of the other partners. Each partner is liable for all debts and obligations of the GP.
  • All profits and losses flow through to the partners as per their agreement, or as per local law which generally is in proportion to their contributions.
  • Generally, the GP limits its liability by purchasing liability i​nsurance.

We Offer Complete Business Planning Services

As you oversee the growth of your business ventures in the U.S., Latin America, and around the world, you'll need an experienced, dual-licensed and billingual international business planning attorney to take care of all of your legal needs. At MEG International, we make every effort to ensure that our Latin American clients feel comfortable doing business wherever they are and that they are given the respect they have earned as savvy and successful business people. Contact us online or call us today at (800) 694-6604. Our firm will provide you with trustworthy and reliable representation so you can get the peace of mind of having made the right decisions.

Contact Us

Free Book Offers