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Related to general partner: Limited partner
Copyright © 2012, Campbell R. Harvey. All Rights Reserved.
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.
Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved
general partnerOne 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.
The Complete Real Estate Encyclopedia by Denise L. Evans, JD & O. William Evans, JD. Copyright © 2007 by The McGraw-Hill Companies, Inc.