general partner


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Related to general partner: Limited partner

General partner

A participant who has unlimited liability for the obligations of a partnership.

General 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.

general partner

One who may enter into contracts for a partnership, is liable for all partnership debts,is entitled to vote on all partnership affairs,and is entitled to a pro rata share of all partnership profits.The general partner may be an individual or a corporation.A partnership may be comprised entirely of general partners,or it may have one or a few general partners with the remainder of the investors being limited partners.
References in periodicals archive ?
To avoid the adverse tax result of Hacki, FLP agreements should require annual distributions, provide limited partners with the ability to sell their interest without the consent of the general partner and allow the partnership's liquidation only pursuant to state law.
It may send a negative message to our full-time general partners, employees, clients, referral sources and the general public that the profession does not require the full-time effort, commitment and dedication of a partner.
Ira Ehrenpreis, General Partner of Technology Partners
Rather than convert his general partner interest to a limited partner interest, Dick decides he and Doug should simply exchange their partnership interests.
Sam Starr, CPA, who is a tax partner in the national tax office of Coopers & Lybrand in Washington, said that a creditor of the entity, after exhausting all of the partnership's assets, can go after the personal assets of a General Partner.
Material participation may depend on whether the member is treated as a limited or general partner.
The complaint names as defendants the general partners of 17 public limited partnerships sponsored by Shurgard Incorporated, and 15 of those limited partnerships designated as Shurgard 3 through Shurgard 18.
Independent of the preferential distribution and subject to the business's reasonable needs, as general partners the parents can decide whether they want to make distributions on the general partner and nonpreferential limited partnership interests (keeping in mind that a general partner has a fiduciary duty to act in the best interests of all partners).
Faced with a September maturity deadline to refinance its mortgage debt, the partnership's general partner commenced its efforts in January of this year.
Although TEPPCO and its general partner believe that such expectations reflected in such forward-looking statements are reasonable, neither TEPPCO nor its general partner can give assurances that such expectations will prove to be correct.
6231(a)(7)-2(a) provides that a "member-manager" of an LLC is treated as a general partner; a member of an LLC who is not a member-manager is treated as a partner other than a general partner.
Management believes that the principal factor in the failure of the OTS to approve the pending merger application is the OTS's desire to resolve certain regulatory issues arising out of the removal of the Partnership's former general partner in May 1992.