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:
“At Hayes’ General Store, west of the cemetery, hangs an old army rifle, used by a discouraged Civil War veteran to end his earthly troubles. The grocer took the rifle as payment ‘on account.’”
—Administration for the State of Con, U.S. public relief program (1935-1943)
“Plantin’ and readin’, plantin’ and readin’. Fill a man full of lead, stick ‘em in the ground, and then read words on ‘em. Why when ya killed a man, why try to read the Lord in as a partner on the job.”
—Borden Chase [Frank Fowler] (1900–1971)