Wiktionary
general partnership
n. A business partnership in which each partner is liable for the firm's debts.
Wikipedia
General partnership
In most countries, a general partnership (the basic form of partnership under common law) is an association of persons or an unincorporated company with the following major features:
- Created by agreement, proof of existence and estoppel.
- Formed by two or more persons
- The owners are all personally liable for any legal actions and debts the company may face, unless otherwise provided by law or in the agreement.
It is a partnership in which partners share equally in both responsibility and liability.