General partnerships are a puzzling form of business in the modern world. A well-established business form with a deep history and sophisticated uniform laws, the general partnership finds itself in a strange position today: Virtually nobody would be well advised to create one.
As a result, general partnerships come about mainly by accident. Indeed, probably the most often litigated question in general partnership law is simply whether one exists in the first place, with the putative organizers trying to claim that they didn’t in fact create one.
General partnerships are the only multi-person business organization that can arise accidentally … Read more