the formal definition of a general partnership is the association of two or more persons carrying on as co-owners of a business for profit, whether or not these persons intended to form a limited or general partnership. for starters, you need to do due diligence on the financial aspects, your other partners, the title paperwork, the building itself, mitigate hazardous materials, and be aware of other environmental issues before forming a general partnership, limited partnership, or limited liability company. a partnership agreement should define the legal and financial consequences for violating the spirit and the letter of the agreement. the formal definition of a general partnership is the association of two or more persons carrying on as co-owners of a business for profit, whether or not these persons intended to form a limited or general partnership.