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:
“In democratic ages men rarely sacrifice themselves for another, but they show a general compassion for all the human race. One never sees them inflict pointless suffering, and they are glad to relieve the sorrows of others when they can do so without much trouble to themselves. They are not disinterested, but they are gentle.”
—Alexis de Tocqueville (1805–1859)
“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)