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Related to general partner: Limited partner
In a company, one who shares with at least one other person, jointly and severally, the business' management authority, the ability to hire and fire employees, the right to share revenue, and the financial risk for the company's debts. General partners exist in general partnership and limited partnerships. There is no immediate difference between the rights and responsibilities for general partners in each type of business, except that general partners in a limited partnership must share a certain amount of profit and financial liability with limited partners according to an arrangement between them.