General partner is a person who joins with at least one other person to form a business. A general partner has responsibility for the actions of the business, can legally bind the business and is personally liable for all the business's debts and obligations.
General partners are required in the formation of a:
- General partnership
- Limited partnership
Famous quotes containing the words general and/or partner:
“... women can never do efficient and general service in hospitals until their dress is prescribed by laws inexorable as those of the Medes and Persians. Then, that dress should be entirely destitute of steel, starch, whale-bone, flounces, and ornaments of all descriptions; should rest on the shoulders, have a skirt from the waist to the ankle, and a waist which leaves room for breathing.”
—Jane Grey Swisshelm (1815–1884)
“Plantin’ and readin’, plantin’ and readin’. Fill a man full of lead, stick ‘em in the ground, and then read words on ‘em. Why when ya killed a man, why try to read the Lord in as a partner on the job.”
—Borden Chase [Frank Fowler] (1900–1971)