general partner
noun
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...
- The general partner should not be delegated partnership management powers by the client through agreements or powers of attorney.
- The general partners make all the business decisions in regard to the entity's business.
- The limited partners hired an attorney to investigate and discover the excess fees paid to the general partners.
Derivatives
general partnership
- Probably the best forms of doing business are individual ownership or small general partnerships.
- The act does not apply to limited liability companies, limited partnerships, or general partnerships.
- The legal requirements for a general partnership are few.