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 contracts) that legally bind the entire business, including the other general partners. A general partner differs from a limited partner, who is liable only to the extent of the money he or she has invested in the business. In some states, the term may also refer to the managing partner of a limited partnership who is responsible for partnership debts over and above his or her individual investment.

Business law dictionary. 2015.

Look at other dictionaries:

  • general partner — see partner Merriam Webster’s Dictionary of Law. Merriam Webster. 1996. general partner …   Law dictionary

  • 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 — 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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