general partner

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Related to general partnership: limited partnership

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 ?
So should you register your general partnership as an LLP or convert it to an LLC?
A number of family business leaders made the call during a symposium held yesterday by the Bahrain Family Business Association on challenges facing family businesses when changing into general partnerships.
Access Cash General Partnership manages a network of more than 6,000 ATMs.
On February 3, 2004, Ceglia agreed to waive the provisions in the Agreement that increased his ownership interest in the General Partnership to over 80%.
Loss prevention tips: A general partnership requires equal treatment of each partner by the CPA regardless of the ownership percentages.
We noted that the partners in a general partnership are jointly and severally liable for the debts and obligations of the partnership.
Pros: A general partnership is relatively free of government restrictions--forming one is as simple as buying a partnership certificate at your local business supply store.
Although RUPA impacts many areas of partnership law, this article focuses on the specific sections of RUPA that allow the conversion of a general partnership to a limited partnership, and vice versa, setting forth the mechanics and effect of such conversions and considering the advantages and disadvantages.
Originally a joint property of OSU in Columbus and Ohio Wesleyan University (OWU) in Delaware, Ohio, the telescope stands on land that belonged to OWU and was sold to the Green Highlands Ohio General Partnership, which planned to develop the land.
HOUSTON -- KBR (NYSE:KBR) announced today that it has been awarded a front-end engineering and design (FEED) contract by KM LNG Operating General Partnership for the Kitimat Liquefied Natural Gas (LNG) Development near Kitimat, British Columbia, Canada.
It would use the remainder for general partnership purposes.
As per China Steel, after acquisition, the two AMMC units -- ArcelorMittal Canada Mining General Partnership and ArcelorMittal Canada Infrastructure General Partnership are anticipated and render 1 million tons of iron ore per year to the Taiwanese steel maker.

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