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A “general partnership” is the default — everyone in the company is an equal partner and liable for everything the company does; an LLC or limited liability company is a company that protects the principals from being liable for what the company does.

Because I don’t think general partnership — for listeners who aren’t familiar, that means everybody who buys into the DAO is liable for everything the DAO does — I don’t think that’s what people think they’re buying into, but that’s the default in most states, at least as I understand it.

When a DAO comes into contact with general partnership law, something bad happens.

The majority owner of Brooks Crossing, through a trust and general partnership, is Alon Ossip, a private equity executive living in Canada, according to Eisenberg’s deposition.

There are six common types of business entities: sole proprietorship, general partnership, limited partnership, C corporation, S corporation and limited liability company.