General Partnership
A general partnership is formed when two or more persons agree to carry on a business for profit. Governed by Florida's Revised Uniform Partnership Act (Chapter 620), it can exist without formal filing but exposes all partners to unlimited personal liability.
Formation
- No formal filing required (exists by agreement)
- Statement of partnership authority recommended (filed with FL DOS)
- Partnership agreement should govern all terms
- All partners share management and liability equally by default
Real Estate Uses
- Joint property acquisitions
- Development projects (land + capital + expertise)
- Property management ventures
- Less common than LLCs due to unlimited liability
Tax Treatment
- Pass-through entity; files Form 1065 (informational)
- Partners receive Schedule K-1
- Self-employment tax applies to distributive share
- Losses limited to partnership basis
Related Terms
- Contract — Partnership agreements
- Equity — Partner equity and capital accounts
- Encumbrance — Partnership property liens
Barnes Walker Business Law
Barnes Walker's attorneys form partnerships, draft partnership agreements, and advise on real estate partnership structures in Florida. Request a legal inquiry for assistance.
Florida Law Reference
Fla. Stat. Ch. 620
Governs the creation and operation of limited partnerships and limited liability limited partnerships in Florida.
Reviewed by the attorneys at Barnes Walker, Goethe, Shea & Robinson, PLLC