In the commercial and legal parlance of most countries, a general partnership or simply a partnership

Partnership

A partnership is an arrangement where parties agree to cooperate to advance their mutual interests.Since humans are social beings, partnerships between individuals, businesses, interest-based organizations, schools, governments, and varied combinations thereof, have always been and remain commonplace...

, refers to an association of persons or an unincorporated company with the following major features:

• Created by agreement, proof of existence and estoppel
  Estoppel
  Estoppel in its broadest sense is a legal term referring to a series of legal and equitable doctrines that preclude "a person from denying or asserting anything to the contrary of that which has, in contemplation of law, been established as the truth, either by the acts of judicial or legislative...
  
  .
• Formed by two or more persons
• The owners are all personally liable
  Legal liability
  Legal liability is the legal bound obligation to pay debts.* In law a person is said to be legally liable when they are financially and legally responsible for something. Legal liability concerns both civil law and criminal law. See Strict liability. Under English law, with the passing of the Theft...
  
   for any legal actions and debt
  Debt
  A debt is an obligation owed by one party to a second party, the creditor; usually this refers to assets granted by the creditor to the debtor, but the term can also be used metaphorically to cover moral obligations and other interactions not based on economic value.A debt is created when a...
  
  s the company may face

It is a partnership in which partners share equally in both responsibility and liability.
Partnerships have certain default characteristics relating to both (a) the relationship between the individual partners and (b) the relationship between the partnership and the outside world.