Which term describes a partnership where no partner has limited liability?

In the context of partnerships, a General Partnership is characterized by the fact that all partners have unlimited liability. This means that each partner is personally responsible for the debts and obligations of the partnership, which can put their personal assets at risk if the business faces legal or financial difficulties. Each partner in a General Partnership has an equal right to manage the business and share in its profits and losses, fostering a collaborative management structure.

In contrast, a Limited Partnership includes both general partners, who manage the business and have unlimited liability, and limited partners, who invest in the business but have liability limited to the extent of their investment. A Joint Venture typically involves two or more parties collaborating on a specific project without forming a new partnership entity. Lastly, a Professional Partnership generally refers to partnerships formed by professionals, such as lawyers or doctors, but may not necessarily imply that all partners share the same degree of liability.

Thus, the term that accurately describes a partnership where no partner has limited liability is indeed the General Partnership.