general partner - definition

Create account
Where to search:
Thesaurus


Dictionaries » Dictionary of Law » G »

general partner - definition



A B C D E F G H I J K L M N O P Q R S T U V W X Y Z
(Non-alphabetical character)

general partner


n. 1) usually one of the owners and operators of a partnership, which is a joint business entered into for profit, in which responsibility for management, profits and, most importantly, the liability for debts is shared by the general partners. Anyone entering into a general partnership (the most common business organization involving more than one owner) must remember that each general partner is liable for all the debts of the partnership. Furthermore, any partner alone can bind the partnership on contracts. Example: Joe Doright and Sam Sleazeball are partners in a retail store. Sleazeball runs up a large American Express card bill in the name of the company while on a toot in Las Vegas, contracts for purchase of $30,000 worth of dresses which are out of fashion, and then takes off with a girlfriend for Tahiti. Doright is responsible for the entire debt. 2) in the 40 states which recognize limited partnerships, the managing partner or partners operate the partnership and are liable for its debts beyond the value of the investments by limited partners. The general partners usually receive a management fee and share in profits. Limited partners are prohibited by law from participating in management, can lose more than their investments, and get less than the general partners from unusually high profits. See also: limited partnership partner partnership



Permanent link to this page: http://www.diclib.com/cgi-bin/d1.cgi?l=en&base=en_law&page=showid&id=1003


Learn foreign languages chatting with us!

  • stef, 54
    United States, San Francisco
    Native language: English
    Foreign language: Portuguese
    stef
  • romerriera, 15
    Venezuela, Maracaibo
    Native language: Spanish
    Foreign language: English
    romerriera
  • francis rosber villalobo, 20
    Venezuela, Yaracuy
    Native language: Spanish
    Foreign language: Spanish
    Nací en Venezuela...!! soy estudiante de informática y voy en el 2 año..!!! Estoy muy interesada en aprender ingles, debido a que es indispensable para mi carrera..!!!
    francis ro...
  • SERGEY, 48
    Russian Federation, Sarov
    Native language: Russian
    Foreign language: English
    SERGEY
  • yordi, 19
    Ecuador, Guayaquil
    Native language: Spanish
    Foreign language: Spanish
    yordi
  • Амелия, 17
    Belarus, Глубокое
    Native language: Belarusian, Russian
    Foreign language: Russian, Belarusian, Ukrainian
    Приветик всем) Я Амелия, мне 16 лет) Буду рада общению со всеми. Я увлекаюсь музыкой, пою, танцую, немного рисую, очень люблю к- поп, но и рок и реп не прочь послушать... Люблю вкусно поесть, поспать, пообщаться с людьми, узнавать много нового и так далее) Вообщем давайте дружить... я не кусаюсь)
    Амелия
  • ruival, 20
    Spain, Ronda
    Native language: Spanish
    Foreign language: English
    ruival
  • brian rojas, 19
    Argentina, Buenos Aires
    Native language: Spanish
    Foreign language: Spanish
    brian roja...
  • pedro , 21
    Dominican Republic, Sna Cristobal
    Native language: Spanish
    Foreign language: Spanish
    pedro
  • Laura, 9
    Mexico, Mexico
    Native language: Spanish
    Foreign language: English
    Laura
  • Mirna, 51
    El Salvador, San Salvador
    Native language: Spanish
    Foreign language: English
    Mirna
  • vicente andrs nolasco sotelo, 48
    Peru, Arequipa
    Native language: Spanish
    Foreign language: Spanish
    vicente  a...
  • Toms Aranda Luis, 66
    Mexico, Ciudad De México
    Native language: Spanish
    Foreign language: English
    Toms Arand...
  • Albotero, 53
    Colombia, Bogotá
    Native language: Spanish
    Foreign language: English, French, German
    Albotero
  • gustavo, 19
    Colombia, Quibdo
    Native language: Spanish
    Foreign language: Spanish
    gustavo
  • ingrid, 18
    Mexico, Monterrey
    Native language: Spanish
    Foreign language: Spanish
    ingrid
  • gianmarco, 28
    Peru, Lima
    Native language: English, Maltese
    Foreign language: English
    gianmarco
  • rene manuel vasquez, 58
    Bolivia, La Paz
    Native language: Spanish
    Foreign language: Italian
    Tengo especialidad de ing. electrica, con especialidad en energia alternativas y domotica, ademas alterno con la docencia en la materia de fisica, me gusta jugar y escuchar musica en particular la musica latinoamericana, y me gustaria intercambiar experiencias en meditacion.
    rene manue...
  • gustavo, 21
    Venezuela, Valencia
    Native language: Spanish
    Foreign language: Spanish
    gustavo
  • esteban job, 19
    Peru, Tarapoto-San Martin
    Native language: Spanish
    Foreign language: Spanish, English
    esteban jo...