Meaning of “general partnership” in the English Dictionary

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"general partnership" in Business English

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general partnershipnoun [ C ]

uk us 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.

(Definition of “general partnership” from the Cambridge Business English Dictionary © Cambridge University Press)