 Hello, in this lecture we will define general partnership. According to fundamental accounting principles, wild 22nd edition, the definition of general partnership is partnership in which all partners have mutual agency and unlimited liability for partnership debts. A general partnership is the typical type of partnership when we think of partnerships, meaning that if two or more individuals go into business together and start earning revenue, then they are a general partnership. Like the sole proprietor, the general partnership is easy to form. We have two people or more getting into business and starting to do business together, we typically have a general partnership in that case. One of the drawbacks with a general partnership as is a drawback with a sole proprietor is liability in that the general partners are both going to be liable not only for the assets that they put into the partnership, but could be liable for their personal assets as well, as opposed to other types of entities such as a corporation where there is more of a division in terms of liability protection from the owners as well and to the partners. It's also important to note that in a general partnership, the assets of the partnership have mutual agency, meaning both the partners are able to make decisions about the assets and liabilities.