Can someone give me the requirement of General partnership please?
A partnership is a form of organization where the partners are still personally liable for the acts of the partnership (unlike a corporation). One form of partnership has "limited partners" and "general partner(s)". In this case the general partner(s) indemnify the limited partners from liability. There is usually a very detailed partnership agreement which specifies all this. This is the form used in financial partnerships like venture capital.
Beyond the items set forth in the partnership agreement and the fiduciary obligations imposed by law there are not "standard" requirements to be a general partner. Obviously if you are trying to raise funds from limited partners they must believe you are qualified (whatever that may mean) or they won't invest. |
