A general partnership consists of business partners who agree on the contribution of resources and skills to the new venture, and on the sharing of profits, losses, and management responsibilities.

Business Partners

Individuals or entities that collaborate with one another in business endeavors, sharing responsibilities and benefits.

Profits

The financial gain obtained when the revenues generated from business activities exceed the expenses, costs, and taxes involved in sustaining the activity.

Losses

Reductions in asset value, profit, or revenue, often indicative of a company's underperformance or adverse events.