Glossary • Updated 2026
General Partnership
Default association of co-owners: no filing, no fee, no shield, every partner fully liable.
In detail
Formed by agreement (even oral) the moment two people do business together.
No $800 franchise tax, but unlimited personal liability for business debts.
A written agreement plus an LLC filing fixes both gaps for ~$70–$400.
Where it matters
More definitions
Sources
- Cal. Rev. & Tax Code; 8 Del. C.; Wyo. Stat. Title 17; FTB/SOS glossaries