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)
“I swear ... to hold my teacher in this art equal to my own parents; to make him partner in my livelihood; when he is in need of money to share mine with him; to consider his family as my own brothers and to teach them this art, if they want to learn it, without fee or indenture.”
—Hippocrates (c. 460–c. 370 B.C.)