A general partnership is a business structure where two or more individuals manage and operate a business together. In this arrangement, all partners share equal responsibility for the business's debts and obligations. Each partner contributes to the business, whether through capital, skills, or labor, and they typically share profits according to their partnership agreement. In a general partnership, there is no formal registration required, making it easy to establish. However, this also means that partners are personally liable for any business liabilities, which can put their personal assets at risk. It's important for partners to have a clear partnership agreement to outline roles, responsibilities, and profit-sharing.