The characteristic that each partner can be legally required to pay the partnership debts even out of personal assets is referred to as General partnership.
General partnership is a basic form of partnership in which two or more individuals own a company based on an agreement to be partners or co-owners.
Usually, each partner is entitled to receive an equal share of the profits and losses, though the partnership agreement may stipulate unequal roles, shares and liabilities in some cases.
The business is not set up as an independent entity, and therefore its profits are taxed only at the personal income level of the partners. Partnership debts may settled with personal assets if necessary.
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