Partnerships exists where two or more individuals enter into an agreement for the same objective. The general partnership is one in which the partners share equally for the responsibilities and liabilities of the business. Thus, each partner is liable for business taxes, debts and if named in a lawsuit. Also, general partners are usually equally involved in the management and affairs of the business. In addition, the personal assets of partners are subject to the liabilities of the business. Generally, profits are split equally among the partners in the general partnership. However, partners are free to enter into agreements whereby the profits are allocated in different percentages. Moreover, partners are treated as agents of one another. As a result, the actions of one partner binds the partnership and therefore subjects all of the partners to liability for his or her actions. Finally, a general partnership usually ceases to exist when one of the partners dies or becomes disabled. However, this may be eliminated where the partners have an agreement to forgo this termination based upon these events.