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In the United States, when people refer to a partnership, they almost always mean a “general partnership”. There is another type of business entity called a limited partnership which is different from a general partnership.

A general partnership is formed by two or more people acting as partners. Sometimes a partnership is formed by an express agreement, but sometimes the partnership can be implied.

Partners owe each other a fiduciary duty and must put the interests of the partnership ahead of their own interests. Partners are jointly and severally liable for the obligations of the partnership.

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