View source for Forming a Partnership

====General partners share equally in the profits...====
To understand how a '''general partnership''' operates, say you and your friend Lin want to open a store and be business partners. You would both be equal (50/50) partners. The law presumes that, as partners, you and Lin would share equally in the profits and losses of the partnership, unless your partnership agreement sets out a different split. And you would both have the right to manage the partnership.