{"ok":true,"canonical_url":"https://dealroom.so/glossary/partnership","api_url":"https://dealroom.so/api/public/glossary/partnership","data_freshness":{"sba_records_through":"2026-05-31","fdic_records_through":"2026-03-31","dealroom_last_updated":"2026-06-15","timezone":"America/Chicago"},"source_summary":["Public SBA 7(a) loan records","FDIC institution data","DealRoom lender and franchise enrichment"],"term":{"slug":"partnership","term":"Partnership","group":"People and paperwork","definition":"A business structure where two or more individuals share ownership, profits, and liabilities. Understanding its implications for your liability is essential.","what_it_means":"If you're buying a business structured as a partnership, or forming one to acquire it, all general partners will typically be required to personally guarantee the SBA loan. This structure impacts individual liability and management responsibilities. Ensure all partners are aligned on the deal terms and loan obligations.","url":"https://dealroom.so/glossary/partnership","official_sources":[{"slug":"13-cfr-part-120","title":"13 CFR Part 120 — Business Loans","official_url":"https://www.ecfr.gov/current/title-13/chapter-I/part-120","official_label":"View on eCFR","authority_tier":1,"publisher":"Office of the Federal Register","source_guide_url":"https://dealroom.so/sba-7a/sources/13-cfr-part-120"},{"slug":"sop-50-10","title":"SOP 50 10 — Lender and Development Company Loan Programs","official_url":"https://www.sba.gov/document/sop-50-10-lender-development-company-loan-programs","official_label":"View on SBA.gov","authority_tier":2,"publisher":"U.S. Small Business Administration","source_guide_url":"https://dealroom.so/sba-7a/sources/sop-50-10"}],"related":[{"slug":"sole-proprietor","term":"Sole proprietor","url":"https://dealroom.so/glossary/sole-proprietor"},{"slug":"llc","term":"LLC","url":"https://dealroom.so/glossary/llc"},{"slug":"corporation","term":"Corporation","url":"https://dealroom.so/glossary/corporation"},{"slug":"personal-guarantee","term":"Personal guarantee","url":"https://dealroom.so/glossary/personal-guarantee"}],"related_questions":[]},"caveats":["Definitions represent DealRoom's plain-English interpretation for buyers; verify regulatory terms against the official SBA and eCFR sources listed.","Not legal, tax, or financial advice, and not an SBA eligibility determination."],"citation":{"label":"DealRoom.so Glossary — Partnership","url":"https://dealroom.so/glossary/partnership","source_type":"DealRoom Data"}}