general partner
general partner see partner

Merriam-Webster’s Dictionary of Law. . 1996.

general partner
any partner in a partnership other than a limited partner.

Collins dictionary of law. . 2001.


general partner
A person who joins with at least one other to own and operate a business for profit — and who (unlike a corporation's owners) is personally liable for all the business's debts and obligations. A general partner's actions can legally bind the entire business. (See also: partnership, limited partnership)
Category: Business, LLCs & Corporations → LLCs, Corporations, Partnerships, etc.

Nolo’s Plain-English Law Dictionary. . 2009.

general partner
USA
A partner with unlimited liability in a general partnership or limited partnership. In limited partnerships (for example, a venture capital fund), the general partner typically manages all aspects of the partnership's business.

Practical Law Dictionary. Glossary of UK, US and international legal terms. . 2010.

general partner
n.
   1) usually one of the owners and operators of a partnership, which is a joint business entered into for profit, in which responsibility for management, profits and, most importantly, the liability for debts is shared by the general partners. Anyone entering into a general partnership (the most common business organization involving more than one owner) must remember that each general partner is liable for all the debts of the partnership. Furthermore, any partner alone can bind the partnership on contracts. Example: Joe Doright and Sam Sleazeball are partners in a retail store. Sleazeball runs up a large American Express card bill in the name of the company while on a toot in Las Vegas, contracts for purchase of $30,000 worth of dresses which are out of fashion, and then takes off with a girlfriend for Tahiti. Doright is responsible for the entire debt.
   2) in the 40 states which recognize limited partnerships, the managing partner or partners operate the partnership and are liable for its debts beyond the value of the investments by limited partners. The general partners usually receive a management fee and share in profits. Limited partners are prohibited by law from participating in management, can lose more than their investments, and get less than the general partners from unusually high profits.

Law dictionary. . 2013.

Look at other dictionaries:

  • General partner — is a legal term used to describe a person who joins with at least one other person to form a business. A general partner has responsibility for the actions of the business, can legally bind the business and is personally liable for all the… …   Wikipedia

  • General Partner — Owners of a partnership who have unlimited liability. A general partner is also commonly a managing partner, which means that this person is active in the day to day operations of the business. Because any partner in a general partnership can act …   Investment dictionary

  • General partner — A partner who has unlimited liability for the obligations of the partnership. The New York Times Financial Glossary * * * general partner general partner ➔ partner * * * general partner UK US noun [C] ► FINANCE a member of a partnership (= a… …   Financial and business terms

  • general partner — A participant who has unlimited liability for the obligations of a partnership. Bloomberg Financial Dictionary * * * general partner general partner ➔ partner * * * general partner UK US noun [C] ► FINANCE a member of a partnership (= a company… …   Financial and business terms

  • general partner —    One of the owners of a partnership, which is a joint business for profit. Unlike the owners of a corporation, a general partner is personally liable for all the business debts and obligations. A general partner can take actions (e.g., signing… …   Business law dictionary

  • general partner — partner whose responsibility for current debts is not predetermined …   English contemporary dictionary

  • general partner — A partner in an ordinary partnership, as distinguished from the special or limited partner in a limited partnership. 40 Am J1st Partn § 510. The member of a limited partnership who has rights and powers analogous to those possessed by the members …   Ballentine's law dictionary

  • general partner — noun : a partner whose liability for partnership debts and obligations is unlimited distinguished from special partner * * * a partner with unlimited liability for the debts of the partnership. Cf. special partner. [1885 90, Amer.] …   Useful english dictionary

  • general partner — a partner with unlimited liability for the debts of the partnership. Cf. special partner. [1885 90, Amer.] * * * …   Universalium

  • general partner — noun Date: 1822 a partner whose liability for partnership debts and obligations is unlimited …   New Collegiate Dictionary

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