A partnership is a business with more than one owner that has not filed papers with the state to become a corporation or LLC – basically a sole proprietorship but with more than one owner.
Personal Liability for All Owners
As with the sole proprietorship, the general partnership does not have “limited liability” protection and all partners may be held personally liable for any business-related obligation. This means that if the business doesn’t pay a debt or loses a lawsuit, the plaintiff can come after any and all partners’ house or other personal assets.
For more information on General Partnerships call us at 503.222.9057 or contact us online today.