A general partnership materializes whenever two or more legal entities or persons associate to operate a business as co-owners of the business for profit. The general partners may or may not have taken a moment to write a partnership agreement that should outline the rights and duties of the partners relative to the partnership assets, income and losses of the business, liabilities, and business operations control. To the extent a written partnership agreement does not address the mentioned matters, Texas has legislated statutory laws to implement an overall structure for the GP’s management and operation. Each partner has the implied authority to bind the partnership as outsiders by any act within the ordinary and usual activities of the particular business.
Each partner individually, and the partnership as a separate entity, is jointly and severally accountable for the partnership’s debts and obligations and breaches of trust or wrongful acts by other individual partners. Waco business lawyer Thomas P. Finley, Jr. drafts partnership agreements for general partnerships.