Final answer:
A general partnership is a form of business organization where partners share both the tasks and responsibilities of running the business, as well as the profits. Sharing tasks and responsibilities allows for a division of labor and benefits from each partner's strengths and expertise.
Step-by-step explanation:
A general partnership is a form of business organization where two or more people work together in owning a business. In this type of partnership, the partners share both the tasks and the responsibilities of running the business, as well as the profits that the business generates. This allows for a division of labor, where each partner contributes their skills and expertise.
For example, if two friends start a restaurant together as general partners, they would share the tasks of managing the restaurant, such as cooking, serving customers, and handling finances. They would also share the responsibilities, such as making important business decisions and ensuring compliance with regulations.
By sharing both the tasks and the responsibilities, general partners can benefit from each other's strengths and expertise, making the business more efficient and successful.