General Partnership partner11 partner partner22 partner partner33 partner

General Partnership

partner11
partner

partner22
partner

partner33
partner

profits share?
loss share?

$50,000 cash
capital contribution

liability

all partners are jointly and severally
liable for the debts, obligations, and
judgments of the partnership

$50,000 in property
capital contribution

generalpartnership:
partnership:
general
$40,000cash
cash
$40,000

third-party
creditor

$0
capital contribution

management

all partners have right to make all
management decisions; all are
agents of the partnership

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