(See related pages)
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| General partner | A partner who assumes unlimited liability for the debts of the partnership; also, the general partner in a limited partnership is responsible for its management. (See page(s) 718) |
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| General partnership | A partnership in which all partners have mutual agency and unlimited liability for partnership debts. (See page(s) 716) |
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| Limited liability partnership | A partnership in which each partner is not personally liable for malpractice or negligence claims unless the partner was responsible for providing the service that resulted in the claim. (See page(s) 718) |
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| Limited partners | Partners who have no personal liability for debts of the partnership beyond the amounts they have invested in the partnership. (See page(s) 718) |
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| Limited partnership | A partnership that has two classes of partners: limited partners and general partners. (See page(s) 718) |
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| Mutual agency | The legal relationship among the partners whereby each partner is an agent of the partnership and is able to bind the partnership to contracts within the apparent scope of the partnership's business. (See page(s) 717) |
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| Partnership | An unincorporated association of two or more persons to pursue a business for profit as co-owners. (See page(s) 716) |
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| Partnership contract | The agreement between partners that sets forth the terms under which the affairs of the partnership will be conducted. (See page(s) 716) |
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| Partnership liquidation | The dissolution of a business partnership by: (1) selling non-cash assets for cash, (2) allocating the gain or loss according to partners' income-and-loss ratio, (3) paying liabilities, and (4) distributing remaining cash to partners based on capital balances. (See page(s) 732) |
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| Statement of partners' equity | A financial statement that shows the total capital balances at the beginning of the period, any additional investment by the partners, the net income or loss of the period, the partners' withdrawals during the period, and the ending capital balances. (See page(s) 725) |
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| Unlimited liability of partners | The legal relationship among general partners that makes each of them responsible for paying all the debts of the partnership if the other partners are unable to pay their shares. (See page(s) 717) |