Entity Type Terms: GP, Find Credit Unions, Fiduciaries, Savings Plans, Trust Companies, Letters Of Credit, Registered Agents
List of United States Depository Institutions, Credit Unions, Guide Service
Entity Type Terms: GP - Depository Glossary Terms and Abbreviations
General Partnership. A GP is formed by the creation and signing of a Partnership Agreement among all the partners. Unlike a corporation or LLC, a partner in a GP does not enjoy limited liability and cannot shield their personal assets from the debts, obligations and liabilities of the GP or from the actions of any other partner. The actions of any partner binds all partners equally. In this regard all partners are considered to be "jointly and severally" liable for all debts and actions of the partnership. To form a General Partnership requires only the execution of the Partnership Agreement and does not generally require any official filings with the state, except for registration of the partnership name. The legal definition of a partnership is "an association of two or more persons to carry on as co-owners of a business for profit" (Revised Uniform Partnership Act 101 ).