general partner


Also found in: Dictionary, Financial, Acronyms.
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 ?
Randa Duncan Williams has been elected as non-executive chairman of the board of the general partner, taking over from Dr Ralph S Cunningham, who has served as chairman since 2010.
One approach to avoid the potential adverse tax result of Strangi is to have the client not be the general partner and not have the power to remove or replace the general partner.
The partnership agreement also elaborated on the general partners' limits and noted approximately 11 items that the general partners could not perform, unless they first obtained the written approval of majority in interest of the limited partners (i.
9728002, the Internal Revenue Service ruled that legal and accounting fees resulting from a lawsuit filed by limited partners against a company's general partners could be deducted only as a miscellaneous itemized deduction.
owns the general partner of Enterprise Products Partners L.
Malkin not only serves as general partner in the Empire State Building, but also is a general partner in New York City's Lincoln Building, Graybar Building, West Point Stevens Tower, International Toy Center, nine Manhattan showroom buildings and other office buildings in New York, Connecticut and Tennessee.
The proposed regulation provides two exceptions to the general partner treatment described under Regs.
A change in status from full- to part-time should be approved by the entire local office general partner group.
Vice President, Events Chairman: Mike Orsak, General Partner of Worldview Technology Partners
Restructuring Corvette City from a general partnership to a limited partnership and exchanging Dick's general partner interest for a limited partner interest could accomplish the goal of limiting Dick's risk of loss to sums he invested in Corvette City.
In a LLC, the participants are called "Members," and rather than a General Partner, there is a "Managing Member.
But the S corporation limits on formation and continued operation do not apply to LLCs, and the problems of having a corporate general partner in a limited partnership are avoided since all members enjoy limited liability.