A partnership in which every partner is fully liable to the full extent of his, her, or its net worth for all the obligations of the partnership. American Banker Glossary
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A partnership in which all participants are general partners . Bloomberg Financial Dictionary
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general partnership UK US noun [C] FINANCE
► a company that is owned by two or more general partners who share its profits and must pay its debts if it goes bankrupt: »
He will assume the CEO duties on Jan. 1, and will join the current four-member general partnership.
Financial and business terms. 2012.