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:
“The most general deficiency in our sort of culture and education is gradually dawning on me: no one learns, no one strives towards, no one teachesenduring loneliness.”
—Friedrich Nietzsche (18441900)
“When a mans partner is killed hes supposed to do something about it. It doesnt make any difference what you thought of him. He was your partner, and youre supposed to do something about it.”
—Dashiell Hammett (18941961)