General partner
Definition
Managing member of a partnership, who retains unlimited joint and several personally liability for the debts and obligations of the partnership.
See also
Definition from Nolo’s Plain-English Law Dictionary
A person who joins with at least one other to own and operate a business for profit -- and who (unlike a corporation's owners) is personally liable for all the business's debts and obligations. A general partner's actions can legally bind the entire business. (See also: partnership, limited partnership)
Definition provided by Nolo’s Plain-English Law Dictionary.
August 19, 2010, 5:16 pm
