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General Partnership Package South Carolina Form

General Partnership Package South Carolina Form

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welcome to our youtube video series on business law my name is christopher neufeld of newfound legal and in this particular video we will be discussing the difference between a general partnership and a limited partnership now to start off a general partnership is your default form of partnership so where you have a unincorporated business operation where there is more than one person involved sharing in the profits losses and risks of that particular business then by law you have created a partnership and each of the partners are responsible for the partnership its debts and liabilities this is the very essence and basis of a partnership it does not even require a contract or other written agreement to be in place it is simply by function of the business arrangement and the sharing of the profits losses risks and assumption of liability that a partnership is created and the default form is that of a general partnership now one variant of the general partnership is that of the limited

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