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 ?
Pursuant to the transaction, the IDRs and economic general partner interest in EQM were cancelled in exchange for 80 million newly issued EQM common units and seven million newly issued EQM Class B units, both of which represent limited partner interests in EQM and ETRN retained a non-economic general partner interest in EQM.
and has served as president and CEO of Alliance's general partner since its formation.
In April 2018, ETE acquired the general partner of USA Compression Partners, LP (USAC) and approximately 12.5 million USAC common units from USA Compression Holdings, LLC.
ETE will acquire the ownership interests in the general partner of USAC and approximately 12.5 million USAC common units from USA Compression Holdings for $250 million.
The Partnership is likely to finance the acquisition with USD395m in borrowings under a subordinated loan agreement with Valero, and the issuance of additional common units and general partner units to Valero subsidiaries, valued collectively at around USD70m.
The Partnership uses the non-GAAP financial measures "Partnership cash flows" and "Partnership cash flows before General Partner distributions" as they provide measures of cash generated during the period to evaluate our cash distribution capability.
If the acquisitions do not close, the partnership will use the net proceeds from the offering and the related capital contribution by its general partner for general partnership purposes, the partnership said.
The general partner has also formed an office of the chairman consising of Williams as chairman of the board; Michael A.
In such a case, the distribution provisions must reflect the economic arrangements reached between the limited partners and the general partner. The allocation provisions must also reach such economic arrangements, but because of the complexities involved in partnership book and tax accounting, the allocation provisions may not be aligned with the distribution provisions.
(36) The private equity firm is also the fund's general partner and it decides which investments the fund will make.
The court rejected the nontax factors because there was no additional creditor protection because the decedent's trust was the sole general partner and there was no change in continuity of management because the partnership would terminate if the general partners unilaterally decided to terminate.
Prodigious Capital Partners, LLC provides successful residential developers and acquirers with up to half of the general partner co-investment capital required by third party equity investors.

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