A general partnership, the basic form of partnership under common law, is in most countries an association of persons or an unincorporated company with the following major features:
Must be created by agreement, proof of existence and estoppel.Formed by two or more personsThe owners are jointly and severally 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.
