General Partnership - Explained

The video discusses the major characteristics of a general partnership, including formation, continuity, ownership, control, personal liability, and taxation. It explains that a general partnership is formed by default when two or more individuals agree to share profits or losses. The video highlights the importance of partnership agreements to manage continuity, ownership, and control. It also covers the personal liability of partners for business debts and the taxation process, emphasizing the need for partners to report earnings on their personal tax returns.

How does control work among partners in a general partnership?

What is the personal liability of general partners in a partnership?

How is taxation handled for a general partnership?