General Partnership
A business owned by two or more people who share management responsibilities and personal liability for the business's debts and obligations.
In a general partnership, each partner typically has full authority to act on behalf of the business and is personally liable for its debts, including debts another partner may have taken on, which is a meaningfully higher exposure than a limited liability structure offers.
Because of this shared personal liability, lenders evaluating a general partnership for financing often want to understand each partner’s financial standing, not just the business’s combined financials.
Related funding options
Ready to explore your funding options?
One application, matched to funding options across our lending network.