General Partner
/ˈdʒɛnərəl ˈpɑːrtnər/
Definitions
- (n.) A partner in a partnership who has management authority and unlimited personal liability for the partnership's debts.
The general partner is responsible for managing the partnership and is personally liable for its obligations.
Forms
- general partners
Related terms
See also
Commentary
General partners typically have fiduciary duties to the partnership and bear greater risk than limited partners.
This glossary is for general informational and educational purposes only. Definitions are jurisdiction-agnostic but reflect terminology and concepts primarily drawn from English and American legal traditions. Nothing herein constitutes legal advice or creates a lawyer-client relationship. Users should consult qualified counsel for advice on specific matters or jurisdictions.