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 ?
Additionally, Williams is chairman of privately-held Enterprise Products Company, which through its affiliates owns Enterprise's general partner and approximately 37% of the limited partner interests of Enterprise.
The FLP's partnership agreement should not waive the state-imposed fiduciary duties of the general partner toward the limited partners.
The limited partners sued the general partners for failing to fulfill their agreement.
The program might be perceived by managers and other staff as a hindrance to their advancement to full-time general partners.
Dick can convert his general partner interest into a limited partner interest without incurring tax on the transaction, unless his share of partnership recourse liabilities exceeds the pre-transaction basis in his partnership interest.
Under current law, adds Ehrenkranz, "The general partner doesn't always get complete protection.
Recourse debt usually can be added to the general partner's basis and at-risk basis, but LLCs do not have general partners.
In the FSA, the partnership agreement provided that the entity would continue for 50 years or until the general partner and more than 50% of the limited partner interests agreed to termination.
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).

Full browser ?