The ethical responsibilities that general partners have to one another are:
I. To be responsible for personal tax liabilities.
II. Being diligent and observing good faith.
III. Being liable for all contracts entered into within the partnership.
IV. Sharing losses and other financial liabilities incurred by partners.
A general partnership can be defined as a business agreement between two or more individual who have agreed to share in all profits, assets, debts, and legal liabilities that are associated with the jointly owned business.
Some important duties and ethical responsibilities of partners in a general partnership include the following:
- Indemnifying for loss and willful neglect.
- To be responsible for personal tax liabilities.
- Acting in the best interest of the other partners and the partnership itself.
- Being liable for all contracts entered into within the partnership.
- Sharing losses and other financial liabilities incurred by partners.
- Being diligent and observing good faith.
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