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Business Law

Understanding General Partnerships in the State of California

A general partnership in the state of California is the collective entity that is formed when two or more individuals and/or entities engage in a trade or business. The intent of all shared activities is to share profits as well as losses. General Partnership versus Sole-proprietorship A General Partnership in the state of California is one of the most common arrangements of business ownership. This form of arrangement is very similar to an arrangement known as sole-proprietorship. There is, however, one main difference between the two. A businesses ownership known as sole-proprietorship refers to a single individual who is the one responsible...

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