general partner


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Related to general partner: Limited partner

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. For 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 maxi-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 of unusually high profits. (See: partnership, partner, limited partnership)

general partner

any partner in a partnership other than a limited partner.
References in periodicals archive ?
A more conservative tax approach would be to have the general partner be a trust with a trustee independent of the client's family.
When the limited partners purchased the partnership interest, the general partners had agreed to purchase all unsold limited partnership interests and to fund any negative cash flows.
Schakett, the new Chief Executive Officer of the General Partner, stated, "The Harbourton Team is excited about its new relationship with JHM and looks forward to obtaining unitholder approval so the acquisition of Platte can be completed.
Although Enterprise GP Holdings and its general partner believe that such expectations reflected in such forward-looking statements are reasonable, neither Enterprise GP Holdings nor its general partner can give assurances that such expectations will prove to be correct.
Marks and Kevin Rodgers were appointed directors of the managing General Partner constituting a majority of the Board.
Part-time general partner status might work in certain limited circumstances, such, as when partners near retirement and when there are temporary life-style changes, such as the birth of a child.
Vice President, Co-Marketing Chair: Fred Wang, General Partner of Trinity Ventures
The IRS has publicly ruled it possible, under certain circumstances, for a partner to exchange a general partner interest for a limited partner interest (or vice versa) without incurring tax liability from the transaction.
Even with a general partner corporation you would still have the potential personal liability for the assets within the corporation.
Limited partnerships formed with a corporate general partner face minimum net worth and profits allocation requirements for advanced rulings.
Although Enterprise and its general partner believe that such expectations reflected in such forward-looking statements are reasonable, neither Enterprise nor its general partner can give assurances that such expectations will prove to be correct.
The typical scenario involves creating an FLP to which older family member(s) contribute assets in exchange for a general partner interest and a significant percentage of limited partnership interests.