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A general partnership is a legal entity. It’s the least regulated and simplest business type. To set up a general partnership, you don’t need to visit a notary or publish a financial statement, nor do you need a financial plan. As a partner, you are unlimitedly liable in case of company debt, though, which means your private assets aren’t protected.
A general partnership is well-suited for entrepreneurs who want to start a company and appreciate the simplicity and flexibility of this business type. Do note, however, that every partner is jointly and severally liable for the actions of the general partnership.
When you start a general partnership, there are no notary fees, given that you don’t need a notarial deed. It is a good idea, though, to get some expert advice when you set up the certificate of incorporation. You don’t need a minimum capital to start. Because the general partnership is a legal entity itself, you’ll pay taxes according to company tax regulations.
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