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Definition of general partner in English: general partnernoun A member of a business partnership who has unlimited liability for debts incurred by the business. she was the first woman to become a general partner at the firm Example sentencesExamples - The general partner should not be delegated partnership management powers by the client through agreements or powers of attorney.
- The organization owns the general partner and 26 percent of the nation's largest propane retailer.
- The limited partners hired an attorney to investigate and discover the excess fees paid to the general partners.
- His main duty was to oversee the firm's internal operations and thereby enable the general partners to concentrate on developing business.
- The general partners make all the business decisions in regard to the entity's business.
- In this arrangement, the firm usually serves as the fund's general partner while investors hold limited partner status.
- Then I met Rich, a former general partner of a venture-capital firm.
- The company, a star of the late-'90s telecom boom, has shed four general partners and promoted four associates to replace them.
- He is managing general partner with a financial group and has been called in before by banks in trouble.
- Yet, while the general partner has all of the power, he or she also has the lion's share of the liability.
Derivatives noun The act does not apply to limited liability companies, limited partnerships, or general partnerships. Example sentencesExamples - For tax planning purposes, a general partnership can be a useful method of diverting income from high bracket parents to their children.
- Probably the best forms of doing business are individual ownership or small general partnerships.
- In a general partnership, all partners are equal.
- The legal requirements for a general partnership are few.
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