Business Com: Professional Business Advice, Suggestions, And Assets
General partners in a partnership , plus anyone who personally owns and operates a business with out making a separate authorized entity, are personally answerable for the money owed and obligations of the enterprise. Where two or more people own a enterprise together but have failed to prepare a extra specialised type of vehicle, they are going to be treated as a common partnership. The terms of a partnership are partly ruled by a partnership agreement if one is created, and partly by the law of the jurisdiction where the partnership is located.