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:
“All the critics who could not make their reputations by discovering you are hoping to make them by predicting hopefully your approaching impotence, failure and general drying up of natural juices. Not a one will wish you luck or hope that you will keep on writing unless you have political affiliations in which case these will rally around and speak of you and Homer, Balzac, Zola and Link Steffens.”
—Ernest Hemingway (1899–1961)
“Do you rumba? Well, take a rumba from one to ten!”
—S.J. Perelman, U.S. screenwriter, Arthur Sheekman, Will Johnstone, and Norman Z. McLeod. Groucho Marx, Monkey Business, proposition to his dance partner (1931)