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Dictionary by pitch.dog
Company forms & group structures · Working

General partnership

Also called: GP partnership

ELI5

A partnership in which partners commonly share management and may have broad personal liability.

Used in conversation

“The draft mentions general partnership, but the scope and jurisdiction are still unclear.”

Pitch context

You will see “General partnership” in board papers, contracts, policies, risk registers and compliance reports when the discussion reaches company forms & group structures.

Why it matters: In company forms & group structures, a loose definition can change rights, obligations, approval, disclosure or enforceability.

Caution

Meaning, enforceability and required process vary by jurisdiction and agreement; this definition is not legal advice.

When the words have to travel

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Sources & evidence · 3

Direct term-level sources and supporting source families.