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:
“One general builds his success on ten thousand bleaching bones.”
—Chinese proverb.
“For sov’reign pow’r reign not alone,
Grace is the partner of the throne;
Thy grace and justice mighty Lord,
Shall well divide our last reward.”
—Isaac Watts (1674–1748)
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