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)

Copyright © 1981-2005 by Gerald N. Hill and Kathleen T. Hill. All Right reserved.

general partner

any partner in a partnership other than a limited partner.
Collins Dictionary of Law © W.J. Stewart, 2006
References in periodicals archive ?
Trafigura Canada General Partnership, part of the Trafigura Group, aggregates, trades and markets crude oil and condensate across Western Canada.
What If you formed a business before 1993 (or, for that matter, after 1993), and, in order to get partnership taxation, you formed it as a New Hampshire general partnership? And what if you're still doing business through that general partnership?
The major drawback of a general partnership used to be that each partner had joint and several personal liability for the obligations of the business.
Although some family business leaders seem to be reluctant to change their companies into general partnerships, the future generations, armed with knowledge and open-minded spirit, will engage courageously in such a process, Bahrain Chamber of Commerce and Industry chairman Dr Essam Fakhro told our sister paper Akhbar Al Khaleej.
Morgan Stanley Global Private Equity said that it would maintain Access Cash General Partnership's management team.
The correct owner name is R&L Properties General Partnership in Little Rock.
368 (2009), the taxpayers held LLP and LLC interests through ownership in other LLCs and treated the losses as losses from a general partnership. The Tax Court noted that partners in LLPs or LLCs were not automatically constrained from participating in management and therefore should not be presumed to lack material participation.
The decedent and her spouse initially each owned a 1 percent general partnership interest and a 49 percent limited partnership interest in the FLP.
As a matter of law, the Agreement established a general partnership between Ceglia and Zuckerberg for the development and commercialization of "The Face Book," the concept and website with the initial title of "thefacebook.com" and the business interests derived therefrom (the "General Partnership").
Mubadala will receive a combination of convertible subordinated notes and additional equity in the Carlyle general partnership in exchange for the investment.
Sohi, who has a doctorate in mechanical engineering, has been president/CEO of Freudenberg NOK General Partnership USA since 2003.

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