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:
“I have never looked at foreign countries or gone there but with the purpose of getting to know the general human qualities that are spread all over the earth in very different forms, and then to find these qualities again in my own country and to recognize and to further them.”
—Johann Wolfgang Von Goethe (1749–1832)
“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)