A general partnership is a business structure where two or more individuals share ownership and management responsibilities. Each partner contributes resources, such as money, skills, or labor, and they all share in the profits and losses of the business. This type of partnership does not require formal registration, making it easy to establish. In a general partnership, all partners have equal authority in decision-making and are personally liable for the business's debts. This means that if the partnership faces financial difficulties, creditors can pursue the personal assets of any partner. Understanding this structure is crucial for anyone considering a business venture with others.