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:
“It is a maxim among these lawyers, that whatever hath been done before, may legally be done again: and therefore they take special care to record all the decisions formerly made against common justice and the general reason of mankind.”
—Jonathan Swift (1667–1745)
“When a man’s partner’s killed, he’s supposed to do something about it. It doesn’t make any difference what you thought of him, he was your partner and you’re supposed to do something about it. As it happens, we’re in the detective business; well, when one of your organization gets killed, it’s, it’s bad business to let the killer get away with it. Bad all around. Bad for every detective everywhere.”
—John Huston (1906–1987)