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:
“Through the particular, in wartime, I felt the high-voltage current of the general pass.”
—Elizabeth Bowen (1899–1973)
“When a man’s partner is 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.”
—Dashiell Hammett (1894–1961)