general partner


Also found in: Dictionary, Legal, Acronyms.
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 ?
Steve Becker, President of the General Partner, will discuss the first quarter financial results and provide an update on the Partnership's business, followed by a question and answer session for the investment community and media.
As the general partner, B neither contributes capital into the partnership nor receives a distribution.
The partnership agreement will also provide the general partner with a carried interest.
Since a general partner in a limited partnership has such a unique role and set of personal responsibilities, his participation in the organization and running of the business is critical.
"In the case of a family ranch, for example, the senior generation could place that real estate in an FLP in which partners waive the right to transfer interest outside the family, cede day-to-day control to the general partners, and are bound to arbitration in the case of conflict," explains Lee Garsson, a senior vice president at Bank of America.
Peter Wendell, a general partner at Sierra Ventures, said the market for liquidating venture-backed investments is only slowly returning to normal.
MPM General Partners Drs., Michael Steinmetz and Dennis Henner have joined BioXell's Board of Directors.
In a limited partnership, only the general partner does not have limited liability.
This is where a general partner teams with a partner with limited interest in the management of the business.
The prior regulations had provided that the retirement, death, or insanity of a general partner caused a dissolution of a limited partnership unless the remaining general partners or all remaining members agreed to continue the partnership.
The regulations recognize continuity of life to be lacking in a limited partnership also even if the partnership dissolves upon the retirement, death, insanity, or bankruptcy of the general partner only.
In reviewing the soundness of an investment opportunity in a real estate limited partnership, the investor should be concerned with who the general partner is, the fundamental economics of the deal, and the fees being paid.

Full browser ?