A general partnership is an association of two or more persons who go into business together. By default, it is formed when you start operating your business together. Although it is relatively easy to form as there are no filing requirements, a general partnership offers no liability protection and owners are therefore personally liable for all of the business debts and liabilities. Like a sole proprietorship, even with the low start-up costs and ease of operation, the lack of liability protection can make general partnerships one of the most expensive types of structures in the long run.